Based on previous touches this support line has held 8 times when price touched it. One time it failed and took around 9 weeks to recover, the fact that price moved back above the line is more proof to me that the line is valid.
Like in the past there is a reasonable chance that price will wick down maybe 5-6% and still recovers afterwards. Keep this in mind when placing your stop. I will enter a spot long position here and am prepared to add to it if it wicks down near the horizontal line.
Disclaimer: This is me experimenting with trading and sharing my charts. I am not a proven profitable trader so take that into account. If you have questions or advice please let me know.