$J sees new “NoGo” as momentum tests resistance

$J sees new “NoGo” as momentum tests resistance


September 2023


Alex Cole

$J has been in a "Go" trend for a few months.

After a Go Countertrend Correction Icon (red arrow) on 8/17 price has corrected mostly sideways.  GoNoGo Trend painted some weaker aqua bars and then succumbed to amber "Go Fish" bars indicating that the market was uncertain regarding future price direction. Well before that, GoNoGo Oscillator broke into negative territory which was a concern for the "Go" trend.  Now, GoNoGo Trend paints a first pink "NoGo" bar and we see that the oscillator is testing the zero line from below.   Volume is heavy.  We will watch to see if the oscillator gets turned away from the zero line.  If it does, we can say that momentum is resurgent in the direction of the new "NoGo" trend and we will look for further downside price movement.