$SHOP looking for support in “GO” trend

$SHOP looking for support in “GO” trend


May 2023


Alex Cole

$SHOP has moved slightly against the trend since the high earlier this month.

At the beginning of the month we saw a gap higher that sent price to a high.  Since then, price has pulled back and we can see momentum has waned.  GoNoGo Oscillator fell to test the zero line from above on weaker aqua "Go" bars and found itself stuck at that level as we saw little directional momentum.  This has allowed a Max GoNoGo Squeeze to build.  We will watch to see if this time the oscillator can break out of the Squeeze into positive territory just as it did after the last several GoNoGo Squeeze set ups.  If it does, we will look for price to move higher and test the recent high with momentum resurgent in the direction of the "Go" trend.