$CME has been in a “Go” trend since the middle of January.
Since entering the trend, price climbed steadily to a high of almost $310. During that run, GoNoGo Oscillator was in positive territory confirming the trend in price. After the high, we saw a Go Countertrend Correction Icon (red arrow), indicating that price may struggle in the short term due to waning momentum. Indeed, we saw price then fall slightly from the high and GoNoGo Trend painted a couple of weaker aqua bars as GoNoGo Oscillator fell out of overbought territory. Now, GoNoGo Oscillator has tested the zero line from above and has quickly found support, bouncing back into positive territory right away. GoNoGo Trend is once again painting strong blue “Go” bars as price stabilizes near the highs. With momentum resurgent in the direction of the “Go” trend, we will watch to see if this gives price the push it needs to climb to a new higher high in the coming days.
