The red line is a broken S&R line which is now a very strong support. on the other hand as it's clear from the chart we can see a regular movement of the price in an uptrend green channel. considering the purple line as a S&R line and acting as a support, the intersection between the red line and our lower side of the channel and also the purple line, it seems to be a reasonable zone to rise the price up. Remember that the yellow line above is the long-term downtrend line which is last target for this analysis.