After hitting highs in June, we saw the “Go” trend in $CTAS give way to a “NoGo” correction.
After weeks of weaker aqua bars, price fell into a “NoGo” trend after GoNoGo Oscillator failed to find support at the zero line. However, after another lower low earlier this month we saw GoNoGo Oscillator rally to test and then break above the zero line, telling us that momentum was out of step with the “NoGo”. GoNoGo Trend painted several amber “Go Fish” bars as the market struggled to make up its mind regarding price’s next direction. Now, as GoNoGo Oscillator finds support again at the zero line, we see that GoNoGo Trend paints a first blue bar as the “Go” trend returns. With momentum surging in the direction of the new “Go” trend, we will look for price to break above resistance in the coming days and challenge the early June highs.
