$CMG breaks above resistance in new “Go” trend

$CMG breaks above resistance in new “Go” trend


November 2023


Alex Cole

$CMG was in a "NoGo" since it fell out of the "Go" trend in July.

Now, having climbed off the most recent lows, we see GoNoGo Trend has cycled out of the "NoGo" through amber "Go Fish" and now into aqua, the first of the "Go" colored bars.  GoNoGo Oscillator struggled with the zero line for a little while but then clearly broke into positive territory with heavy volume.  This surge in momentum has taken price up and beyond the horizontal resistance we see on the chart.  We will watch to see if price can consolidate at this level and then our first target would be for price to fill the gap from the end of July.