$ORLY has been in a “Go” trend since early July.
We have seen a series of higher highs and higher lows and price rise to almost $105. After that high, we saw a Go Countertrend Correction Icon (red arrow) indicating that price may struggle to go higher in the short term and indeed we saw price fall and GoNoGo Trend paint a string of weaker aqua bars. Price fell into a downward sloping channel. During this period, GoNoGo Oscillator fell to test the zero line from above and after a few bars riding that level we see it rallying back into positive territory. With momentum resurgent in the direction of the trend (Go Trend Continuation Icon – green circle), GoNoGo Trend painting strong blue “Go” bars, and price having broken out of the channel, we will watch to see if price can climb to a new higher high in the coming days.
