It's been quite a year for shareholders in Netflix ( NFLX). Since the first trading session of the year, shares of the streaming video service have rallied 258% -- enough to squeeze out some of the loudest short sellers in this stock. But you don't have to be an expert technical analyst to figure out why Netflix continues climbing; this stock is still in a textbook uptrending channel right now. >>5 Stocks With Breakout Potential Channels are valuable for traders because they provide high probability ranges for a stock's price action. In other words, Netflix's price is unlikely to trade outside of those two bands on the chart above -- and that's exactly what makes this stock tradable right now. Buying off a support bounce 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). And by actually waiting for the bounce to happen first, you're ensuring the Netflix can actually still catch a bid along that line. With shares around the center of the channel right now, it makes sense to do some waiting if you're looking for the ideal time to buy shares. But the channel is narrow enough that buyers won't be waiting long. When the time comes, I'd recommend keeping a protective stop at the 50-day moving average.