$AVGO has been in a “Go” trend since the beginning of May.
Since then we have seen a series of higher highs and higher lows as price climbed to over $264. During that time, GoNoGo Oscillator has remained above the zero line, telling us that momentum has stayed in the direction of the “Go” trend. After the last higher high at the beginning of this month, we saw a Go Countertrend Correction Icon (red arrow) indicating that price may struggle to go higher in the short term. Indeed, since then, we have seen price move mostly sideways and slightly against the trend. GoNoGo Trend has painted a majority of weaker aqua bars. We have watched GoNoGo Oscillator carefully since then and note that it held the zero line, finding support. Now, with GoNoGo Oscillator breaking out of the GoNoGo Squeeze into positive territory, we see GoNoGo Trend painting strong blue “Go” bars as price climbs above prior high resistance. With momentum resurgent in the direction of the “Go” trend, we will look for price to consolidate at these higher levels before potentially climbing further.
