After a Go Countertrend Correction Icon (red arrow) in mid July, $LUV share price fell into a “NoGo” trend.
A month later, after setting a new lower low and the chart triggering a NoGo Countertrend Correction Icon (green arrow) we have seen price try to rally off the lows. GoNoGo Trend has painted several amber “Go Fish” bars of uncertainty yet price was unable to break above resistance. GoNoGo Oscillator stalled at the zero line reflecting a virtual tug of war between buyers and sellers at this level and we saw an extended Max GoNoGo Squeeze build. Now, with GoNoGo Trend back in a “Go” trend and testing overhead resistance, we see that GoNoGo Oscillator has broken out of the Max GoNoGo Squeeze into positive territory and volume is heavy. We will see if this resurgent momentum in the direction of the new “Go” trend will be enough to push price to new highs in the coming days.
