$ARKK sees GoNoGo Trend paint first “NoGo” bar.
GoNoGo Trend painted a first “NoGo” bar yesterday and it was a strong purple one. The blend of technical analysis in the indicator is signaling the most bearish condition. This comes as price fails at a level that has offered some support during this recent period. GoNoGo Oscillator broke below the zero line back in February as price corrected sideways and this was a concern for the “Go” trend. We know that in a healthy “Go” trend the oscillator should stay at or above the zero line. Now, the oscillator has risen to test the zero line from below and has been rejected. This tells us that momentum is resurgent in a bearish direction which confirms the new “NoGo” identified by GoNoGo Trend. We’ll look for further price deterioration.
