$EL has been in a “Go” trend since mid May.
Since then, we have seen a series of higher highs and higher lows. However, after new higher highs in July, we saw Go CounterTrend Correction Icons (red arrows) as momentum waned. This told us that price may struggle to move higher in the short term and indeed we saw price move mostly sideways and the indicator paint a majority of weaker aqua bars. During this time, looking at the oscillator panel, we see that GoNoGo Oscillator has continued to find support at zero, twice breaking out of a Max GoNoGo Squeeze. This current break out of the Squeeze back into positive territory coincides with GoNoGo Trend painting strong blue bars once again as price breaks above horizontal resistance. With momentum surging in the direction of the trend, we will look to see if price can consolidate this new high and push on in the coming days.
