$CVX entered a “Go” trend in July.
Since then, we saw price race to consecutive higher highs and higher lows and GoNoGo Oscillator has stayed primarily at or above the zero line giving support to the “Go” trend. After the most recent high, we saw a Go Countertrend Correction Icon (red arrow) indicating that price may struggle to go higher due to waning momentum. Indeed, as price fell from there, we saw GoNoGo Trend paint a series of weaker aqua bars. After a bar or two at zero, we saw GoNoGo Oscillator rally off the zero line back into positive territory. With momentum therefore resurgent in the direction of the “Go” trend, we see GoNoGo Trend painting a fresh bright blue “Go” bar. With new trend strength, and momentum support, we will watch to see if this gives price the push it needs to climb to a new higher high in the coming days.
