$MCK has been in a “Go” trend since January of this year.
We saw a series of higher highs and higher lows as price kicked on to highs of over $727. At that high in April, we saw a Go Countertrend Correction Icon (red arrow) signaling that price may struggle to go higher in the short term. Indeed, for several weeks, we saw price struggle to break above horizontal resistance. GoNoGo Trend painted weaker aqua bars as investors digested gains. Importantly, GoNoGo Oscillator has primarily found support at the zero line since that time. Indeed, we have seen it break out of multiple GoNoGo Squeeze patterns, each time into positive territory. Now, we see the concept of polarity playing out as price tries to find support at what was once resistance. At the same time, we see the oscillator breaking out of another GoNoGo Squeeze into positive territory and on heavy volume. With this resurgent momentum in the direction of the “Go” trend, we will look to see if these signs of Go Trend Continuation (green circle) will give price the push it needs to climb further this week.
