Anatomy of a Chart

http://wiki.answers.com/Q/What_the_heck_does_heck_mean

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.

 

 

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