$PM has been in a “Go” trend since late January.
After rallying from the low of the prior “NoGo” trend, we saw a runaway gap that propelled price higher. As price made highs in late February/early March, Go Countertrend Correction Icons (red arrows) indicated that price may struggle to go higher in the short term. Indeed, GoNoGo Trend painted a majority of weaker aqua bars and GoNoGo Oscillator fell to test the zero line. Reflecting a virtual tug of war between buyers and sellers at these levels, we saw two extended Max GoNoGo Squeezes form. After the oscillator broke out of the Squeeze to the upside, and with GoNoGo Trend painting strong blue “Go” bars, we knew that momentum was resurgent in the direction of the “Go” trend and that helped price kick on to a higher high. We will look for price to consolidate now at these elevated levels and use it as support going forward.
