$JPM has been in a “Go” trend since April.
After a higher intermediate high in May, we saw a Go Countertrend Correction Icon (red arrow) indicating that price may struggle to go higher in the short term. Indeed, we have seen trading range narrow and price move mostly sideways since then. During this time, GoNoGo Oscillator fell to test the zero line from above and we note that it rode the zero line for several bars causing the climbing grid of GoNoGo Squeeze to rise to its Max. Now, the oscillator is breaking out of the Max GoNoGo Squeeze into positive territory. This tells us that momentum is resurgent in the direction of the underlying “Go” trend and so we will look to see if this gives price the push it needs to move higher and potentially challenge the earlier high from February.
