NEW YORK ( Stockpickr) -- Short sellers beware; stocks are seeing a buyer's market this week. Now that the S&P 500 and the Dow Jones Industrial Average have cleared major resistance levels -- at 1150 and 10,700 respectively -- investors seem to be comfortable being bullish once again, whether or not they should be. Case in point: this week's big name technical charts.Technical analysis uses a stock's price movements to determine where shares are headed in the future. Technical charts are used every day by proprietary trading floors, the street's biggest financial firms and individual investors to get an edge on the market. And according to some sources, skilled technical traders can bank gains as much as 90% of the time. Every week, Stockpickr analyzes the technicals for some of Wall Street's highest-volume stocks and takes a look at how to trade them. Here's this week's look at how some of the biggest names on Wall Street are trading technically.
When it comes to big-name stocks, it doesn't get much bigger than oil giant Exxon Mobil ( XOM). But the $318 billion company could be on the verge of getting even bigger thanks to a bounce shares took just two trading sessions ago.
|Stockpickr: Who Owns Exxon?|
Now onto another commodity titan: Alcoa ( AA). Alcoa's increased focus on higher-margin aluminum products has been slow going in 2010, and shares are down double digits since Jan. 1. But a breakout in yesterday's trading could leave this stock set up for a serious upside pop in the next week.
Another breakout story has been shaping up in Intel ( INTC) this week, as shares of the chipmaker broke out to a new 52-week high following product launch details.
|Stockpickr: Who Owns Intel?|
Twitter and become a fan on Facebook.