After months of a “NoGo” that saw $JKHY price make a series of lower lows and lower highs, GoNoGo Trend has identified a “Go” trend.
During the “NoGo” trend, we can see that price respected the downward sloping trend line, finding resistance several times. Likewise, GoNoGo Oscillator found resistance at the zero line throughout the trend. This is as expected. When a “NoGo” trend is healthy, GoNoGo Oscillator will stay at or below zero, getting rejected at that level when it rises to test it. A little over a week ago, GoNoGo Oscillator rallied to test the zero line again from below and we watched to see if it would be turned away one more time. This time, GoNoGo Oscillator broke into positive territory on heavy volume and that change in momentum was enough to see price break above the trend line. GoNoGo Trend painted a string of amber “Go Fish” bars indicating the end of the “NoGo” and some uncertainty as to price’s future direction. After consolidating the breakout, GoNoGo Trend has been able to paint an aqua “Go” bar. Now with GoNoGo Oscillator in positive territory, confirming the new trend in price, we will look for price to set a new higher high.
