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5 Buyable Tech Sector Trades

Stocks in this article: FSLR AUO CCI CTRX WIT

Crown Castle

"Reversing" may not be the best word to describe what's been going on in shares of Crown Castle International (CCI) -- shares of this wireless tower firm have been in rally mode for all of 2012, climbing more than 48% since the first trading session of the year. Since June, though, the rally in CCI has become more orderly, giving traders a chance at more predictable price action. So, how do you trade this name?

When I say that trading has become "orderly," I mean that Crown Castle has been trading within a well-defined trend channel. That channel has helped to identify the likely price action in this stock for most of six months, and in particular, it's helped to identify the last four swing lows in shares. With CCI coming down to test trendline support this week, buyers have a chance to jump in when risk is low.

It's important to actually wait for the bounce off of trendline support before buying this stock. Clearly, the best time to buy a stock that's in an uptrending channel comes at support -- it's the place where shares have the furthest to move back up to resistance (the top of the channel) and where they have the least distance to move through support. Waiting for a bounce ensures that CCI can still catch a bid at that trendline.

Since a breakdown below support means that the channel is broken, support is also a logical place to put a stop below to ensure minimal risk.

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