Crude oil futures are testing support on the GoNoGo Oscillator. The GoNoGo Trend is still a “Go” but we are seeing weakness in the paler blue bars. As the GoNoGo Oscillator rides the zero line we will look to see if it can bounce back into positive territory signaling a continuation of the “Go” trend or whether price will struggle to maintain the “Go” trend.
What are the GoNoGo Indicators? The GoNoGo Trend indicator blends traditional trend concepts to color price action according to the strength of its trend. The colors range from *bright blue (strongly *bullish) to dark *purple (strongly *bearish) The GoNoGo Oscillator blends traditional *momentum concepts to demonstrate the velocity of price action. The oscillator ranges from -6 (extremely *oversold) to +6 (extremely *overbought)