Argo Group has seen a strong fall in prices over the past few months but has now been forming a base since late February.
A NoGo CounterTrend correction arrow at the ultimate low of the pattern indicated that prices would struggle to go lower in the short time and indeed we have since made a higher low. There seems to be a significant amount of overhead supply around just over $42 (horizontal white line) and that is where we are right now. GoNoGo Squeeze has built to its extreme as the oscillator stays at the zero line. There is no directional momentum. We will look to see in which direction we break out of the GoNoGo Squeeze to determine whether a reversal is likely, or whether we will see a new leg of the “NoGo”