$BAC has been in a “NoGo” trend since February.
Since then it has made lower lows and lower highs. Most recently, after an attempt to rally off the latest lows, price ran into horizontal resistance from prior lows and was turned away. This shows an example of polarity, where a level that was once support becomes resistance once broken. Now, with a new lower high having been set and the “NoGo” trend still in place, we see GoNoGo Oscillator has risen to test the zero line from below. It is riding the zero line, causing a GoNoGo Squeeze to build. We will watch closely to see if the Squeeze is broken by the oscillator falling back into negative territory. Should this happen, we would know that momentum is resurgent in the direction of the “NoGo” trend and would expect price to challenge for new lower lows.
