Enbridge Inc flags a “NoGo” trend continuation red circle.
After a strong rally into the highs of mid June, the GoNoGo Trend changed and we saw a string of amber “Go Fish” bars as price broke through the upward sloping trend line. This line that had been support became resistance, giving a clear example of the concept of polarity. The GoNoGo Oscillator failed to find support at the zero line around the same time and broke into negative territory. We saw prices rally and test the trend line from below before rolling over. The GoNoGo oscillator after riding the zero line has broken back into negative territory indicating that momentum is in the direction of the “NoGo” trend. This suggests that price is likely to fall to test the lows of mid July at around $37.34.
