$ORLY has been in a “Go” trend since January.
Since then it has made a series of higher highs and higher lows. After the last high, we saw a Go Countertrend Correction Icon (red arrow) indicating that price may struggle to go higher in the short term. Since then, price has fallen from those levels, and GoNoGo Trend painted weaker aqua bars and even a few amber “Go Fish” bars of uncertainty. During this “Go” trend, GoNoGo Oscillator has remained at or above the zero line and even dipped briefly into negative territory. However, with GoNoGo Trend once again painting strong blue “Go” bars and GoNoGo Oscillator back above the zero line having broken out of a GoNoGo Squeeze, we know that momentum is resurgent in the direction of the underlying “Go” trend and we will look for price to make an attack on prior highs.
