You don't have to be an expert technical trader to figure out what's going on in shares of Microsoft (MSFT) -- a quick glance at the chart will do. Microsoft is bouncing higher in a textbook uptrending channel, a setup that's about as simple as they get. So what do you do from here? Buy the bounce.

When it comes to price channels, up is good and down is bad. It's really just as simple as that. MSFT'ss channel is bounded by resistance above shares and trend line support below them; those two parallel trend lines provide a high probability range for shares of this stock to trade between. So with shares of the software giant moving down to test support for a fourth time since September, it makes sense to buy the next bounce off of trend line support.

If you decide to buy on the next leg up, I'd recommend keeping a protective stop right under MSFT's previous swing low at $35. This trend hasn't been particularly fast moving, but it could remain pretty persistent.

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