After a strong move in a “Go” trend $AVGO looks set for trouble.
GoNoGo painted several weaker aqua “Go” bars after hitting highs in mid July and we saw a Go Countertrend Correction Icon (red arrow) at that time suggesting prices may struggle to go higher in the short term. Looking at GoNoGo Trend, we see a couple of amber “Go Fish” bars representing uncertainty as price breaks below the support trend line. Looking to the oscillator panel below, we see that GoNoGo Oscillator broke below the zero line several bars ago and quickly retested that level and found it to be resistance. We will watch to see if a new “NoGo” trend is identified as it seems there is some downward pressure now.