Coincidentally, one of Warren Buffett's favorite stocks is looking strong from a technical standpoint too this week. Coca Cola ( KO) has been in a long-term uptrend since the end of 2011, rallying close to 18% since the end of November. That's some big performance for a staid $175 billion name like Coke. The uptrend in Coke is significant because it has taken place within a clearly defined trend channel. That channel gives traders high probability expectations for the moves that Coke makes -- and it's providing us with a trade right now. In a trend channel, the ideal time to buy is when shares bounce off of trendline support -- almost exactly where Coke's sitting right now. The fact that KO has bounced higher off of support the last seven times it fell to that level bodes well for bounce number eight. >>5 Consumer Stocks Hedge Funds Love If you want to take the Coke trade, it's critical to wait for KO to actually bounce, and not to try to anticipate it. That's because trend lines do eventually break, and when Coke's does, you don't want to be left holding the bag. A bounce means that shares can catch a bid at support and that the channel remains intact. I also featured Coca-Cola, one of Warren Buffett's holdings, in " 5 Rocket Stocks Worth Buying This Summer." Goldcorp Goldbugs have been having a tough run in 2012, but that could be about to change. From a macro level, I think that there's reason to like gold right now, particularly given the piling of investors into treasuries when rates are near zero and inflation is well above 2.2%. But macro theses take a long time to pan out, whereas the technical setup in gold miner Goldcorp ( GG) is likely to be a quick move. Right now, Goldcorp is forming a double bottom, a reversal pattern that's formed by two swing lows that hit support at around the same level. The buy signal comes when GG breaks out above the peak that separates those two lows: $41. It's worth noting that this setup isn't limited to Goldcorp. Peers such as Newmont Mining ( NEM) and AngloGold Ashanti ( AU) are forming nearly identical setups right now. With all three, it's crucial to wait for that peak to get broken before buying. That's the best indication that buyers are in control of shares. To see this week's trades in action, check out the Technical Setups for the Week portfolio on Stockpickr. -- Written by Jonas Elmerraji in Baltimore.