$IT has been in a “Go” trend since the end of July.
We saw price jump to a new high very quickly on bright blue bars but that high was followed by a Go Countertrend Correction Icon (red arrow). This indicated that price may struggle to go higher due to waning momentum. Indeed, we then saw price fall from the high and GoNoGo Trend paint a few weaker aqua bars. GoNoGo Oscillator during this time fell to test the zero line from above where it immediately found support bouncing back into positive territory. This triggered a Go Trend Continuation Icon (green circle) as GoNoGo Trend paints fresh strong “Go” bars. With momentum therefore resurgent in the direction of the “Go” trend, we will watch to see if price can climb above prior high resistance and set a new high in the coming days.
