$CVX has been in a “Go” trend since the very end of last year.
Since then, we have seen a series of higher highs and higher lows as price has climbed over $190. During that time, GoNoGo Oscillator has been at or above the zero line confirming the price trend. Over the last several weeks, we see GoNoGo Oscillator has repeatedly found support at the zero line, triggering a cluster of Go Trend Continuation Icons (green circles) under the price bar. This tells us that momentum has found support each time it has fallen to test the zero line. The last time, with momentum therefore resurgent in the direction of the “Go” trend, we see that it has given price the boost it needed to clear overhead resistance. We will watch to see if it can consolidate at these higher levels before potentially moving higher still in the coming days.
