$JNJ has been in a “Go” trend since the beginning of July.
Since then we have seen a series of higher highs and higher lows as price has climbed over $194. At the last higher high, we saw a couple of Go Countertrend Correction Icons (red arrows) indicating that price may struggle to go higher due to waning momentum and indeed we have seen GoNoGo Trend paint several weaker aqua bars since as price has fallen from the high. GoNoGo Oscillator fell to test the zero line from above and it became important to note whether it would find support. Failing at the zero line saw price move sideways for longer but now, GoNoGo Oscillator has burst back into positive territory. With GoNoGo Trend painting a strong blue bar as price jumps to test prior highs, we will watch to see if this resurgent momentum in the direction of the underlying “Go” trend is enough to give price a boost to new higher highs.
