$ABBV has been since early December.
As it hit a high on January 24th, we saw a Go Countertrend Correction Icon (red arrow) which suggested that price may struggle to go higher in the short term due to cooling momentum. Price indeed went mostly sideways since then and GoNoGo Trend painted a string of 5 weaker aqua “Go” bars. As price stalled, GoNoGo Oscillator fell to test the zero line from above, where we looked for support to confirm a healthy “Go” trend. The oscillator rode the zero line for a few bars demonstrating reduced price volatility but after a few bars it rallied sharply back into positive territory. GoNoGo Trend also painted a first strong blue “Go” bar. With price now testing prior high resistance, we will look for the resurgent momentum in the direction of the “Go” trend to help push it to new highs.
