$SMCI has been in a “Go” trend since early August.
Price gapped higher immediately and we saw jump up over $42. After that first high, we saw a Go Countertrend Correction Icon (red arrow) indicating that price may struggle to go higher in the short term due to waning momentum. Indeed, we have seen price move mostly sideway since and GoNoGo Trend has painted a mixture of blue and weaker aqua bars. During this time, GoNoGo Oscillator has been mostly able to find support at the zero line, bouncing back into positive territory each time that level has been tested. Most recently, we see GoNoGo Oscillator climbing back above zero after a brief foray below. With momentum therefore resurgent in the direction of the “Go” trend, we see a Go Trend Continuation Icon (green circle) under the price bar. We will watch to see if this gives price the push it needs to climb above overhead resistance in the coming days.
