$ENB had been in a strong “NoGo” trend since the summer.
Price stepped down through a series of lower highs and lower lows. During this time, GoNoGo Oscillator stayed at or below the zero line indicating momentum on the side of the “NoGo” trend. Earlier this month as price moved sideways and failed to make a new lower low, GoNoGo Oscillator rose to test the zero line from below. It stayed at that level, causing the climbing grid of GoNoGo Squeeze to rise to its Max. This tug of war between market participants as price seemed to stall in its “NoGo” trend signaled a possible reversal. We saw the Max GoNoGo Squeeze broken to the upside as GoNoGo Trend painted the first of a string of amber “Go Fish” bars. This has now been followed by the indicator painting “Go” colors. With momentum in line with the new “Go” trend and strong volume, we will look for price to move higher.
