$PLUG in max GoNoGo Squeeze

$PLUG in max GoNoGo Squeeze


June 2023


Alex Cole

$PLUG has been in a "NoGo" since late February.

The trend has been strong, with price making a series of lower highs and lower lows. However, after the last low on May 15th, we saw a NoGo Countertrend Correction Icon (green arrow) indicating that price may struggle to go lower in the short term.  Since that icon, we have seen price rally a little and may be looking at a new higher low.  As this price action plays out, GoNoGo Oscillator has risen to the zero line from below where it has remained for several bars.  This has caused the climbing grid of GoNoGo Squeeze to climb to its Max.  This reduced volatility is interesting to note as a tug of war between buyers and sellers at these levels is on.  We will watch for the break of the squeeze.  If the oscillator breaks out of the Max GoNoGo Squeeze into positive territory we may see strong enough price action for a trend reversal.