I often get questions on what the heck I mean by some of the things that I note in my chart. No worries as I am going to run through a recent one that I posted today. Below is a chart for HLX (Helix Energy Solutions Group):
Here is what I see in the chart:
1) Price is drifting up to test Resistance at 17.62 level ; I will note “R” as Resistance. This is in a Break Out pattern which I will note as a “B/O” watch over a certain level.
2) The Stochastics are in the process of crossing up through ; I will note this as a “STO x^” potential or that it is imminent or in progress.
3) The Rate of Change on Volume is shooting up ; I will note this as a “Ski Jump” or “Rocket Ship” move.
4) It is near the upper Bollinger Band ; I will note this as “BB”.
5) This pattern is a Cup & Handle pattern ; I will note as a “CnH” pattern.
6) At times I note the Volume at Price bar when it seems relevant ; I will note this as “VaP” bar
And that concludes Anatomy 101 class for today. Enjoy your Sunday.