BALTIMORE ( Stockpickr) -- While the market's recent volatility has been tough for most investors, the past few months have been a bull market for technical traders who make plays on short-term price movement. But don't think that you need to be an expert on the technicals to take advantage of the market's setups. If you've been wondering how to put charting to work for your portfolio, here's this week's look at a few select stocks that could be poised for a technical setup.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. Here are this week's technical plays.
Progress Energy ( PGN) is one of the largest regulated utilities in the world -- and as such, it may seem like an interesting candidate for a technical play. After all, utilities are renowned for their consistent earnings, recession resistance and high dividend yields -- not exactly an appealing profile for stock speculators. But that doesn't mean that you should ignore this company's technical prowess on its face.
Argentina's Banco Macro ( BMA) has been all over the place this year thanks to inconsistent earnings and no shortage of anxiety over investing in foreign banks. Still, that added volatility hasn't kept shares from gaining nearly 10.5% year-to-date. But there could be bigger gains in this financial stock's future.
There's a similar situation unfolding in another South American banking stock, Banco de Chile ( BCH). To be fair, geographic location is pretty much the only thing these two stocks have in common. From a size and performance perspective, Banco de Chile sits head and shoulders above Banco Macro. But ultimately, we're more interested in what's going on with this company's price chart.
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