$NKE looks to move higher

$NKE looks to move higher

30

November 2023

By

Alex Cole

$NKE has been in a “Go” trend since the middle of October.

Price has been able to make a series of higher highs and higher lows.  After the most recent high earlier this month, we saw a Go Countertrend Correction Icon (red arrow), suggesting that price may struggle to go higher in the short term.  Indeed, price pulled back and GoNoGo Trend painted several weaker aqua bars as investors consolidated gains.  This caused GoNoGo Oscillator to fall to the zero line where it remained for several bars.  The grid of GoNoGo Squeeze climbed to its Max indicating a tug of war between buyers and sellers at these levels.  On the most recent bar, the oscillator has broken out of the GoNoGo Squeeze into positive territory.  This tells us that momentum is resurgent in the direction of the underlying “Go” trend.  We will expect price to consolidate at new highs and look to go higher.

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