$CDE looking for support in “Go” trend

$CDE looking for support in “Go” trend


November 2023


Alex Cole

$CDE flagged a "Go" trend in mid October.

This change in trend came after a prolonged "NoGo" trend that took price to new lows earlier in October.  However, there were signs of the coming reversal.  Bullish divergence, with GoNoGo Oscillator making higher lows while price continued to sink to lower lows, was followed by GoNoGo Oscillator breaking above the zero line.  We know that if a trend is healthy then the zero line should act as resistance (in a "NoGo" trend) and so when the oscillator was not rejected at that level we knew that momentum was out of step with the "NoGo" trend. Following quickly after that, price broke above downward sloping trend line resistance as it painted its first aqua "Go" bar.  Now, after an initial rally, price has pulled back, and GoNoGo Oscillator is testing the zero line this time from above.  We will watch to see if it finds support at this level and if it does, we will expect price to make an attempt at a new higher high.