BALTIMORE ( Stockpickr) -- With broad market indexes beginning to consolidate right over a key support level to start the last full week in March, it looks like the bulls are back in town -- finally. Investor sentiment seems to be reflecting that as well. The Consensus Bullish Sentiment reading hit 60% last week, up from 50% just three weeks ago, a sign that suggests that the majority of investors see the market heading higher in 2010.

But don't get too comfortable with the sentiment numbers. All too often, they turn out to be a great contrarian indicator. Instead, let's take a look at three stocks that could be setting up for a good technical trade this week.

Technical analysis is a way for investors to quantify qualitative factors such as investor psychology based on a stock's chart patterns and trends. Once the domain of cloistered trading teams on Wall Street, technicals can help top traders make consistently profitable trades and can aid fundamental investors in better planning their stock execution.

But sometimes investors don't know where to start. So every week, Stockpickr takes a look at stocks that could be staging a technical move soon and compiles a portfolio of promising Technical Setups.

These plays are among the best-inclined to make a tradable breakout this week.

Here's a look at this week's stocks.

Medical device maker Covidien ( COV) is catching part of the post-health care bill bounce that's bolstered many health-related stocks to start the week. That's in spite of the fact that with the new health care reform bill comes an excise tax on Covidien's medical device products that kicks in starting in 2012.

Ultimately, investors in the medical supply industry shouldn't fret too much over the excise tax implications. The increased sales volume promised by mandated health coverage should more than make up for it. And in Covidien's case, a potential technical breakout could fuel further investor gains.

Shares of Covidien are currently forming a bullish ascending triangle, a pattern that's characterized by a horizontal resistance level and higher lows. This stock could make a high-percentage move on a breakout over the $52 level, but don't take a position until the stock opens above there. This pattern is prone to failure until resistance is out of the way.

Florida real estate developer St. Joe ( JOE) has made it through the real estate bubble and the financial storm that ensued. Now investors are ready to have their patience rewarded. If the stock can stage a breakout, they may see gains sooner rather than later.

St. Joe is a development company that owns more than a half million acres of Northwest Florida real estate. But despite significant economic headwinds, management has kept the company's financial position strong enough to stage a significant comeback. That could happen in 2010 as a string of new projects start becoming commercially viable once again.

Right now, shares are bumping their heads on a tough resistance level at $31, but right now, they're consolidating at that level, a sign that they could make an upward break if economic fundamentals continue to ride their bullish wave. Wait for two consecutive opens above $31, then jump on board the long-side of this trade.

Throughout the recession, for-profit education companies provided investors with a bastion of profitability as consumers sought out ways to differentiate themselves in an increasingly challenging job market. As the economy emerges, and credit markets loosen, for-profit education should continue to thrive.

But we're not interested in industry fundamentals today. Instead, Bridgepoint Education's ( BPI) technicals are what's worth looking at.

Shares of Bridgepoint broke above a stifling resistance level at the beginning of this month thanks to favorable earnings numbers. In the last 30 days, shares have rocketed nearly 50% to just above $24. A brief period of horizontal consolidation could lead the way even more gains in April.

With shares of Bridgepoint currently at a 52-week high, this company is devoid of the upside stumbling blocks that kept share valuations down back in 2009, but that doesn't mean that prices can't make a return to lower levels. Downside risk is too high right now - wait for a break above $24.50 before thinking about going long.

To see these plays in action, check out the Technical Setups for the Week portfolio on Stockpickr.

-- Written by Jonas Elmerraji in Baltimore.
Jonas Elmerraji is the editor and portfolio manager of the Rhino Stock Report, a free investment advisory that returned 15% in 2008. He is a contributor to numerous financial outlets, including Forbes and Investopedia, and has been featured in Investor's Business Daily, in Consumer's Digest and on MSNBC.com.