$HD has been in a “NoGo” trend since late February.
Since then, we have seen lower highs and lower lows and a majority of strong purple bars. During this “NoGo” trend, GoNoGo Oscillator has stayed mostly below the zero line, confirming the trend in place. After the last low, price tried to rally and GoNoGo Oscillator broke out of a GoNoGo Squeeze, temporarily edging into positive territory. This change in momentum proved to be short-lived and the oscillator quickly returned to zero. Now, with heavy volume, GoNoGo Oscillator has broken back into negative territory. This tells us that momentum is resurgent in the direction of the “NoGo” trend and we see a NoGo Trend Continuation Icon (red arrow) as price moves below support on strong purple bars. We will watch to see if price falls further from here over the next days and weeks.
