$GS entered a new “Go” trend earlier this month.
Since then we have already seen a higher high after price gapped through prior high resistance (lowest horizontal line on the chart). After that high, we saw a Go Countertrend Correction Icon (red arrow) indicating that price may struggle to go higher in the short term. Indeed, we saw price fall, and GoNoGo Trend painted some weaker aqua bars. It was important then to look to the Oscillator panel. We see that GoNoGo Oscillator tested the zero line from above and quickly found support, bouncing back into positive territory. This tells us that momentum is resurgent in the direction of the “Go” trend. With GoNoGo Trend again painting strong blue bars, we will look to see if this momentum boost will give price the push it needs to climb to a new higher high and ultimately challenge the high from February (higher horizontal line).
