$AEP has been in a new “Go” trend for a couple of weeks.
After breaking out of an extended Max GoNoGo Squeeze we saw price rally out of a prior “NoGo” correction. We see a lot of overhead resistance that the energy company has been fighting through and we saw a slightly higher high a week ago. After that high, we saw a Go Countertrend Correction Icon (red arrow) indicating that price may struggle to go higher in the short term. Indeed, price fell back slightly into the area of congestion highlighted on the chart. If we turn our eye to the lower panel, we see that GoNoGo Oscillator fell to test the zero line from above and it quickly found support. This is a strong confirmation of the higher prices. With resurgent momentum in the direction of the “Go” trend (Go Trend Continuation Icon, green circle), we will look for price to kick on from here and perhaps climb to new higher highs in the coming days.
