After forming a base for the last 6 weeks, Conoco Phillips stock price has entered a “Go” trend on the 4hr chart.
At the second attempt, the “Go” signal has set a higher low. The GoNoGo Oscillator broke above zero on the last rally, which indicated that the “NoGo” trend was no longer strong, because there shouldn’t be any overbought conditions during a “NoGo” trend. Since then, the GoNoGo Oscillator has found support at the zero line. This is a very good sign as the “Go” trend emerges again. Perhaps this time the “Go” will persist and look for price to set a higher high.