$REGN renews “Go” trend as it tests resistance

$REGN renews “Go” trend as it tests resistance


October 2023


Alex Cole

$REGN has been stuck in a narrow channel for some time.

After hitting a high in late August, we saw a Go Countertrend Correction Icon (red arrow) indicating that prices may struggle to go higher in the short term.  Since then, we have seen price activity compressed and moving in a tight, slightly downward sloping trend line.  An extended Max GoNoGo Squeeze showed the tug of war between market participants.  Since breaking out of the GoNoGo Squeeze, the oscillator has failed to travel far from the zero level which tells us no one party has significantly taken control.  Now, after several amber "Go Fish" bars we see a new aqua "Go" bar as price rallies to the top of the channel.  GoNoGo Oscillator is once again at zero testing that level from below.  If the oscillator can break into positive territory, that would confirm the new "Go" in price and signal momentum surging in the direction of the trend.  If this happens, we will look for price to make an attempt at a new high.