USOIL is testing support at zero on the GoNoGo Oscillator. Remember, when in a trend, momentum should rise and fall but not change from positive to negative in an up trend if that trend is healthy. The GoNoGo Oscillator therefore gives the analyst an objective level of support (or resistance in a down trend) at the zero line.
Here we see USOIL in a blue “Go” trend, but after struggling at prior high price resistance is now testing the zero level on the GoNoGo Oscillator.
If the GoNoGo Oscillator is able to bounce off the zero line, look for price to remain in the "Go" trend, and try to break above that resistance. If the GoNoGo Oscillator fails to hold the zero line, we expect price movement to the downside, threatening 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)
Here we see USOIL in a blue “Go” trend, but after struggling at prior high price resistance is now testing the zero level on the GoNoGo Oscillator.
If the GoNoGo Oscillator is able to bounce off the zero line, look for price to remain in the "Go" trend, and try to break above that resistance. If the GoNoGo Oscillator fails to hold the zero line, we expect price movement to the downside, threatening 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)
