$CSCO has been in a new “Go” trend since the second week of May.
However, after hitting a high in the middle of the month that was at a resistance level from a prior high, we saw multiple Go Trend Correction Icons (red arrows) indicating that price may struggle to go higher in the short term. Indeed we then saw a string of weaker aqua bars as price moved mostly sideways and GoNoGo Oscillator fell to test the zero line. We continue to see the oscillator hold that level as support which is very important as it confirms the trend we are seeing in price. With GoNoGo Trend once again painting strong blue bars, we see another Go Trend Continuation Icon (green circle) telling us that momentum is resurgent in the direction of the trend. We will watch to see if this gives price the push it needs this week to climb above resistance to a new higher high.
