CSX Corp sees momentum return in the direction of the “NoGo” trend.
In mid January, GoNoGo Oscillator broke below the zero line on heavy volume as GoNoGo Trend struggled to stay in a “Go” trend. We saw an amber “Go Fish” bar and then the “NoGo” took hold. Since then, after NoGo Countertrend Correction green arrows identified a pause in the downward price action, GoNoGo Oscillator has rallied to the zero line and tested it from below. It seems to have found resistance as GoNoGo Oscillator has been rejected and moved back into negative territory. This tells us that momentum has returned in the direction of the “NoGo”. We can look for price to make an attempt on new lows.
