$LHX has been in a “Go” trend since early April.
We have seen a series of higher highs and higher lows since then as price has climbed over $280. During the “Go” trend, GoNoGo Oscillator has found support at or above the zero line repeatedly which tells us that momentum has stayed on the side of the “Go” trend the entire time. Recently, after the last higher high earlier this month, we see a Go Countertrend Correction Icon (red arrow) indicating that price may struggle to go higher in the short term. Indeed, what followed was a string of weaker aqua bars as price fell from that high. We looked at the lower panel to see if GoNoGo Oscillator would continue to find support and as it fell to zero it got stuck there and we saw an extended Max GoNoGo Squeeze. This reflected the virtual tug of war between buyers and sellers at this level. Importantly, as prices rally and GoNoGo Trend paints stronger blue “Go” bars, GoNoGo Oscillator has broken out of the Max GoNoGo Squeeze into positive territory. After a quick retest, we know that momentum is resurgent in the direction of the underlying “Go” trend. We will watch to see if this gives price the push it needs to break through overhead resistance and move to a new higher high.
