$CHPT looking for “Go” trend conviction

$CHPT looking for “Go” trend conviction


February 2023


Alex Cole

$CHPT saw price emerge out of a strong "NoGo" trend at the end of January.

Since then, it has not done much in the way of move higher.  Mostly sideways price action has followed the GoNoGo Trend change to "Go" bars.  During this time though, GoNoGo Oscillator has been able to stay above the zero line and therefore we can say that at no point has momentum moved against the new trend.  The oscillator is again testing the zero line from above and we will want to see it find support again at this level.  A rally off the zero line would give another Go Trend Continuation Icon (green circle) appear under the price bar suggesting that momentum remains on the side of the "Go" trend.  Perhaps this will give price the push it needs to make a new high above $13.