$CL entered a new “Go” trend just over a week ago.
This came after price rallied out of a “NoGo” correction that pushed price further from the late February high. Watching this pattern play out we note how the components of the GoNoGo chart work to give us an understanding of the changing technical environment for Colgate. As the “NoGo” trend hit new lows in mid April GoNoGo Oscillator did not confirm and rose to test the zero line from below. As GoNoGo Trend painted weaker pink bars, the oscillator broke into positive territory telling us that momentum was out of step with the “NoGo” trend. Amber “Go Fish” bars of uncertainty followed and as the trend changed to “Go” we see continued Oscillator support at zero. As we emerge from the basing pattern with GoNoGo Trend painting strong blue “Go” bars and GoNoGo Oscillator showing signs of Go Trend Continuation by bouncing off zero we will watch to see if price can climb above resistance to set a new higher high in the coming days or weeks.
