Up first is Sanofi ( SNY), the $132 billion French pharmaceutical firm. You don't need to be an expert technical analyst to figure out what's been going on in Sanofi. A quick glimpse at this stock's chart will do. SNY is currently forming an uptrending channel, a trading range that's bounded by a trend line resistance and trend line support level. Those support and resistance levels give us a high probability range for Sanofi's stock to trade within. And as you might expect, the ideal time to be a buyer is on a bounce off of support. >>5 Huge Stocks to Trade for Gains When you're looking to buy a stock within a trend channel, buying after a bounce off of support makes sense for two big reasons: It's the spot where shares have the furthest to move up before they hit resistance, and it's the spot where the risk is the least (because shares have the least room to move lower before you know you're wrong). If you decide to buy here, I'd recommend keeping a protective stop at the 100-day moving average; it's been a good proxy for support.