$CAT looking for support in “Go” trend

$CAT looking for support in “Go” trend


June 2023


Alex Cole

$CAT has struggled since hitting a high on June 16th.

$CAT broke out of the "NoGo" trend it was in at the very beginning of the month.  Failing at prior highs from March, we saw a Go Countertrend Correction Icon (red arrow) and price fell away.  Now, painting weaker aqua "Go" bars, we will look to see if the "Go" trend can persist.  We turn our eye to the GoNoGo Oscillator for guidance and we see that it is testing the zero line from above.  We will look to see if the oscillator can find support at this level and if it does we will be able to say that momentum is resurgent in the direction of the "Go" trend.  That being the case, we could expect price to break out of the downward sloping channel and look to make a new high.