BALTIMORE (Stockpickr) -- There's no question that investors have been hit hard in the last six weeks. In that time, major indices such as the S&P 500 have given back nearly all of their year-to-date gains. Others, such as the Nasdaq Composite, are in the red for the year.

But even though the market's been shoved significantly lower in June, investors still have significant opportunities to grow their portfolio this month. That's especially true given the rebound that stocks are starting to make this week. With direction trading finally taking hold of the equities market of late, we've got all the more reason to take a look at five new technical trading setups for the week.

Related: 4 Stocks Setting Up to Break Out

Remember, technical analysis is a way for investors to quantify qualitative factors, such as investor psychology, based on a stock's price action 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's a look at this week's setups.

Quest Diagnostics

First up this week is Quest Diagnostics ( DGX - Get Report), a $9.3 billion medical testing stock that's managed to eke out near double-digit gains so far in 2011, despite the selling we've seen this month. And it looks like shares could have further to run given the bullish setup in shares. Here's how to play this trade.

Right now, shares of Quest are showing traders a bullish ascending triangle setup. Simply put, the ascending triangle is a formation that's made by a horizontal upside resistance level and uptrending support below shares. As that uptrend squeezes shares closer and closer to their resistance level, the potential for a breakout above resistance becomes a reality.

In the case of Quest, the trade to take comes after shares manage to hold break above $60 resistance. When that happens, consider a protective stop just below the 50-day moving average.

A big bullish bet on Quest in the first quarter comes from Edward Owens at Vanguard Health Care Fund, with a 6.1 million-share position.

Owens Corning

Another solid example of an ascending triangle setup is taking place in shares of mid-cap building material maker Owens Corning ( OC - Get Report), one of TheStreet Ratings' top-rated building products stocks.

Like with Quest, shares of Owens Corning have been turning out comparatively strong performance in 2011 as they build within the formation. Now traders' eyes are focused on the $38 resistance level for a buying opportunity.

For an ascending triangle setup such as OC's, the key again is to wait for the break above $38. That's because a push above $38 means that the excess supply of shares at that level (that previously flubbed the stock's three attempts to move above that price) has been absorbed by aggressive bidders, and the stock will be without an immediate price barrier to the upside.

For this trade, consider a protective stop just below the uptrending support line underneath the formation.

As of the most recently reported period, Clovis Capital Management owned 1.3 million shares of Owens Corning, for 2.6% of its total portfolio.

Kinder Morgan Energy Partners

Kinder Morgan Energy Partners ( KMP) is sporting a different kind of triangle right now -- one with significantly less directional bias. Instead, the symmetrical triangle in shares of this $23 billion pipeline stock is a good contingent play for this month.

Essentially, a symmetrical triangle is a setup that's formed when downtrending resistance and uptrending support converge to reign a stock's price action into a formation that resembles an isosceles triangle. Remember, since resistance is a dynamic level at which there's a glut of supply for shares and support is a dynamic level that sports a glut of demand, a break outside of either of those levels suggests the ultimate direction shares are likely to regress to in the near-term.

Shares of Kinder Morgan are pointed significantly lower this morning following a secondary offering announcement. This could be an opportunity to go short if shares can hold below $71.50. Keep a protective stop above the 50-day moving average.

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Terra Nitrogen

Another breakout trade is taking place in shares of Terra Nitrogen ( TNH) right now. This exceptionally high-yielding dividend stock -- it's one of the 20 top-yielding chemicals stocks -- rallied past its $127 resistance level in yesterday's trading, a breakout that signals a long-side opportunity as early as today. To take advantage, though, I'd suggest keeping a couple of factors in mind.

For starters, we'll want to see Terra keep its head above that resistance (now support)level this morning followed by either more positive price action (a white bar) or little price movement (known as a doji candle). If today's price action in Terra yields a red bar, I'd suggest waiting to see if shares retest $127 before going long.

Also worth considering is this stock's maximum risk. With the nearest material support level below the breakout at $122.50, that's where I'd recommend placing a protective stop. Remember that it pays to be tactical in June's market -- be prepared to take any gains on an early sign of weakness.

Silver Wheaton

Last up this week is Silver Wheaton ( SLW), a Vancouver-based mining company that's taken some serious knocks since April. All told, shares of SLW have slid 33% since April's highs. Now, though, shares could be facing support.

Even though SLW has been setting up a head and shoulders top for much of 2011, investors shouldn't be overly concerned about the implications of that bearish pattern. While it "triggered" in yesterday's trading, a massive sideways skew means that the setup's minimum measuring objective has nearly been met.

At the same time, a strong previous support level set in late January, should mean that there's an abundance of demand sitting below $30. Investors looking to pick up shares should wait for compelling signs of a bounce to pick up shares on the cheap.

Silver Wheaton was highlighted recently in " Stocks to Consider for the End of QE2" and shows up on a recent list of Silver Miners Poised to Rebound.

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

-- Written by Jonas Elmerraji in Baltimore.


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At the time of publication, author had no positions in stocks mentioned.

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