$GD suffered a short correction after hitting its last high.
We saw a Go Countertrend Correction Icon (red arrow) at the high at the beginning of this year and a correction did indeed follow. GoNoGo Trend even started to paint “NoGo” colors as GoNoGo Oscillator fell below the zero line on heavy volume. However, as the oscillator repeatedly bumped up against zero, price stabilized and fell no further. When GoNoGo Oscillator was able to clearly break back above the zero line that gave price the push it needed to return to its “Go” trend. With a very strong blue “Go” bar, price closed above resistance yesterday. We will now watch to see if there is consolidation at these levels and look for GoNoGo Oscillator to begin finding support at the zero line. That will tell us that the “Go” trend is healthy enough to persist.
