$LLY has been in a “Go” trend since early May.
Since then, we have seen price make higher highs and higher lows and a sting of strong blue “Go” bars. During this run, GoNoGo Oscillator was in positive territory supporting the climb in price. At the last higher high, we saw a Go Countertrend Correction Icon (red arrow) indicating that price would struggle to go higher in the short term due to waning momentum. Indeed, we saw a few weaker aqua bars that followed and price fell from the high. GoNoGo Oscillator fell to test the zero line from above but immediately bounced back into positive territory. This tells us that momentum is resurgent in the direction of the “Go” trend. GoNoGo Trend once again paints a strong blue “Go” bar as price challenges prior high resistance. We will watch to see if this momentum surge gives price the boost it needs to make a new higher high in the coming days.
