$ICE has entered a “NoGo” Trend.
After having been in a “Go” trend since early May we have seen the trend change with the indicator painting a purple “NoGo” bar. This comes after a couple of amber “Go Fish” bars indicated that the market was uncertain regarding the health of the previous “Go” trend. We also note how GoNoGo Oscillator broke below zero a few bars ago and quickly tested that level using it as resistance. This told us that momentum was out of step with the prior “Go” trend but is now in line with the “NoGo”. We can also see on the chart that this move takes price lower than the horizontal level that we see on the chart which has been both support and resistance in the past. This is the concept of polarity. Now, with momentum resurgent in in the direction of the new “NoGo” trend and heavy volume, we will look to see if price falls further from here this week.
