$JNJ has been in a “Go” trend since the beginning of July.
We saw a series of higher highs and higher lows as price climbed to almost $180. After that high in August, we saw a Go Countertrend Correction Icon (red arrow) indicating that price may struggle to go higher in the short term. Indeed, since then we have seen price move mostly sideways and GoNoGo Trend paint a majority of weaker aqua bars. As momentum waned, we saw GoNoGo Oscillator in the lower panel move into negative territory, threatening the “Go” trend in the panel above. However, price has rallied back to test overhead resistance and GoNoGo Trend is painting strong blue bars. This comes as GoNoGo Oscillator successfully breaks back into positive territory signaling resurgent momentum in the direction of the “Go” trend. We will watch to see if this gives price the push it needs to climb to a new higher high in the coming days.
