$LUV has been in a “Go” trend since late November.
We have seen price climb since then with higher highs and higher lows. GoNoGo Oscillator has primarily been at or above the zero line providing momentum support for the trend. After a high earlier this month, 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. Since then, we have seen price continue to move mostly sideways with a majority of weaker aqua bars. Most recently, having found horizontal support, GoNoGo Trend paints a strong blue “Go” bar as price bursts through resistance and GoNoGo Oscillator jumps back into positive territory on heavy volume. With a Go Trend Continuation Icon (green circle), we know that momentum is resurgent in the direction of the “Go” trend. We will look for price to consolidate at these elevated levels and potentially climb even higher in the coming days and weeks.
