$NOC had been in a “NoGo” trend since late October.
At the last high in the previous “Go” trend, we saw a Go Countertrend Correction Icon (red arrow) indicating that price may struggle to go higher in the short term due to waning momentum. Indeed, GoNoGo Trend then painted a series of weaker aqua bars as GoNoGo Oscillator fell to test the zero line from above. Unable to find support at that level, GoNoGo Oscillator broke into negative territory and this hinted at the likely trend change in the panel above. Price duly entered a “NoGo” trend and we saw lower lows and lower highs as GoNoGo Oscillator stayed at or below the zero line. Recently, the Oscillator was able to regain positive territory and quickly find support at that level. Now, with price painting a new “Go” bar, we know that momentum is surging in the direction of the new trend as price makes a new high. We will watch to see if price can consolidate at these new highs as the new “Go” trend takes hold.
