In the second panel, the GoNoGo Oscillator has risen from oversold levels to hit up against the zero line from below.
If the “NoGo” trend is to remain in place, the oscillator should get turned away from zero here.
If the GoNoGo Oscillator can break clearly into positive territory that would suggest enough buying to possibly change the trend in price above. If that happens, we are likely to see a “Go” flagged. Until then, we’ll watch carefully.
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 ) to dark purple (strongly )
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)
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