Visa (V - Get Report) is forming the exact same setup right now. Shares of the world's biggest payment card network have found themselves locked in an uptrending channel since the beginning of June, climbing higher on each bounce off of trend line support. With shares coming off of support right now, buyers have a good chance to jump on shares.
In a trend channel, it's important to wait for a bounce before buying. It may sound strange to wait for shares to move higher before you buy, but missing out on a little upside is worth the knowledge you glean from the bounce. All trend lines eventually fail, and when they do, you don't want to be the one holding the bag. By waiting for the bounce first, you can verify that Visa is still able to catch a bid at support before you put your money on the line.
The 50-day moving average has done a good job of mirroring trend line support for the past few months, so I'd recommend using it as your protective stop.