$EGLE, Eagle Bulk Shipping sees momentum surge in “NoGo”

$EGLE, Eagle Bulk Shipping sees momentum surge in “NoGo”


September 2022


Alex Cole

$EGLE has been in a "NoGo" trend but consolidated sideways in September.

This price action has caused GoNoGo Oscillator to rise to the zero line where it has stayed for several periods.  This lack of directional momentum has caused the oscillator to "ride the zero line" and trigger the climbing grid of the GoNoGo Squeeze to climb to its max.  A few bars ago, the Squeeze was broken to the downside, on heavy volume, and we then saw a quick retest of the zero line where the oscillator was rejected again.  This triggered multiple NoGo Trend Continuation Icons (red circles) to appear on the price chart, indicating renewed momentum in the direction of the price trend.  We will look for price to make an attempt at new lows.