For as long as it works we will buy support in pull-backs. Couple points in buying pull-backs:
1) stock should be oversold when it hits support.
2) ideally the whole sector to which the stock belongs hits support around the same time (at least in same zone).
3) our best support trades are when the stock is deeply oversold on daily and also deeply oversold on intraday meaning it hits the support alert extended away from the 20EMA/5 min, creates a hammer candle and rallies. If everything sets well we often jump the entry when we see reversal in price and don't actually wait for the 5 min candle to close. Stop is on the low.
Here's an example today of WLT as it hit the 50SMA and bounced:
This was only a day-trade for us (no swing) as we feel there's more downside in the market.
Note how stock leaves the base, moves away from the EMA extended into support, reverses with very good volume. The hardest support buys for us the stair-step grind down moves and the easiest, ironically, are the panic vaccuum moves extended away from base/EMA into support. This of course is exactly the inverse of buying strength in which it is best to buy the stair-step up and always avoid buying on top of a big spike up extended away from the base/EMA.