$LULU has been in a “NoGo” trend since January.
During the “NoGo” move, GoNoGo Oscillator was at or below the zero line. Each time the oscillator rallied to test the zero line it was rejected. Every time that happened, we knew that the “NoGo” trend was likely to continue. As prices rallied off the most recent low, we saw GoNoGo Trend paint weaker pink bars, and GoNoGo Oscillator rose to test the zero line again. This time, as price ran up against downward sloping resistance, GoNoGo Oscillator was able to break through the zero line into positive territory. This indicated that momentum was now out of step with the underlying “NoGo” trend. Immediately following, GoNoGo Trend painted an amber “Go Fish” bar right at that resistance line. And following that, we see that price has moved into a “Go” trend with the indicator painting an aqua bar as it moves above resistance. With momentum now surging in the direction of the new “Go” trend, we will look for price to make an attack on a new higher high.
