$BAC has been in a “Go” trend since earlier this month.
After rallying from the last lower low, we saw GoNoGo Oscillator break out of a Max GoNoGo Squeeze into positive territory. This gave GoNoGo Trend the push it needed to move through first amber “Go Fish” and then into “Go” colors. Now having set a new higher high on strong blue bars, we see a Go Countertrend Correction Icon (red arrow) indicating that price may struggle to go higher in the short term. This is due to the waning momentum that we see in the lower panel with GoNoGo Oscillator falling sharply out of overbought territory. We will now watch closely as the oscillator approaches the zero line to see if it can find support. If it does, and rallies back into positive territory then we will know that momentum is resurgent in the direction of the “Go” trend and we can expect the “Go” trend to continue.
