$BMY entered a “Go” trend just about a month ago.
In the middle of this month, price hit a high and we saw the GoNoGo Suite of tools trigger a Go Countertrend Correction Icon (red arrow) indicating that price may struggle to go higher in the short term due to waning momentum. Indeed, price fell from that high and GoNoGo Trend painted a string of weaker aqua “Go” bars. GoNoGo Oscillator at the same time fell to test the zero line from above. We know that in a healthy “Go” trend, the zero line should hold as support and so we watched closely as the oscillator hugged the zero line for an extended period of time. This caused the climbing grid of GoNoGo Squeeze to rise to its Max, reflecting the tug of war between buyers and sellers at this level. Now, with GoNoGo Trend strengthening again to paint strong blue bars as price rises to test prior highs, GoNoGo Oscillator has broken out of the Max GoNoGo Squeeze into positive territory. We will look to see if this resurgent momentum in the direction of the underlying “Go” trend will give price the push it needs to make a new higher high.
