$HES has been in a “Go” trend since early June.
Since then it has made a higher high and higher low. However, we saw price fail at the resistance from the first gap that we see on the chart and GoNoGo Trend painted several weaker aqua bars as price fell from the high. This was suggested by multiple Go Countertrend Correction Icons (red arrows). During this period, GoNoGo Oscillator fell to test the zero line from above and we saw a GoNoGo Squeeze build reflecting the virtual tug of war between buyers and sellers at these levels. After support was found, we see GoNoGo Oscillator rallying off zero back into positive territory. With price once again painting strong blue “Go” bars, we see that this is giving price the push it needs to move higher. We will pay attention to the resistance channels on the chart and use them as targets going forward.
