E L F Beauty Inc is trying to sustain its “Go” trend.
After the GoNoGo Oscillator was able to break above resistance at the zero line in late July, we saw a “Go” trend begin. After the early August high, price corrected against this trend and caused the GoNoGo Oscillator to fall to the zero line where it has been holding as support. It has been riding the zero line for several bars now and the climbing grid of the GoNoGo Squeeze has risen to its extreme. We will watch to see if the oscillator can break out of the squeeze into positive territory. If it does, we will see a low risk trend continuation circle appear under the price bar and expect an attack on recent highs.
