Kraft Heinz looks to be reversing out of a large base

19

February 2021

By

Alex Cole

This is a long term, weekly GoNoGo Chart of Kraft Heinz.

We can see that this basing pattern has taken just about a whole year to form.  On a pattern that takes a long time to develop on the chart like this, I like to see the “Go” colors start to paint on the right side of the pattern, as we have here. 
As price makes its higher lows after the low in March, we see the GoNoGo Trend indicator rotate through the NoGo colors to the amber “Go Fish” and finally into the “Go” colors of a bullish trend.  Toward the far right of the chart, in the lower panel, we see the GoNoGo Oscillator bounce sharply off the zero line and with heavy volume on this most recent price move which has broken above year long resistance.