$BK entered a “Go” trend in early May.
Since then we saw price race to a new high but then struggle to make any progress. After a couple of Go Countertrend Correction Icons (red arrows) indicating price may have a tough time moving higher in the short term, we have seen mostly sideways action since with GoNoGo Trend sprinkling in some weaker aqua bars. During this sideways channel, GoNoGo Oscillator was able to stay mostly at or above zero telling us that momentum was still supporting the “Go” trend. Most recently, after a brief dip into negative territory, we see the oscillator once again test and find support at zero with heavy volume. This gave price the boost it needed to charge to a new high with GoNoGo Trend painting a strong blue “Go” bar. We will look for price to consolidate at these levels in the coming days and potentially climb higher.
