$LUV has been in a “Go” trend since the end of November last year.
During that time, we have seen a series of higher highs and higher lows and GoNoGo Oscillator primarily supported by the zero line. After the highs in mid February, we saw two Go Countertrend Correction Icons (red arrows) indicating that price could struggle to go higher in the short term. Indeed, since then we have seen price move mostly sideways and earlier this week GoNoGo Trend painted a couple of weaker aqua bars. GoNoGo Oscillator fell to test the zero line from above and it became important to watch for support at that level. As price rallied back to test the resistance from those prior highs, we see GoNoGo Oscillator using the zero line as support and rallying back into positive territory. With momentum therefore resurgent in the direction of the “Go” trend we will look for price to make another attack on new highs.
