$LYTS has been in a “Go” trend since early summer.
We have seen a series of higher highs and higher lows as price has climbed to almost $24. After gapping higher in August, we see that price has moved mostly sideways since and we saw several Go Countertrend Correction Icons (red arrows) indicating that price may struggle to go higher in the short term. After price failed at resistance and the chart gave another Go Countertrend Correction Icon (red arrow) we saw GoNoGo Oscillator fall to test the zero line from above. It got stuck at that level, reflecting the tug of war between buyers and sellers and we saw a GoNoGo Squeeze build. Now, with GoNoGo Oscillator breaking out of the Squeeze on heavy volume, we see that price is once again trying to break above resistance. With momentum resurgent in the direction of the “Go” trend, we will watch to see if price can break to a new high in the coming days.
