$SO has been in a “Go” trend since January.
Since then we have seen higher highs and higher lows as price has risen to challenge the high from last October. After failing twice to clearly break above that prior high, we saw price weaken, GoNoGo Trend paint aqua bars, and fall from the high. During this correction, GoNoGo Oscillator fell into negative territory which was a concern for the “Go” trend. Having set a new low, price rallied and GoNoGo Trend painted a string of stronger blue bars as price approached resistance again. GoNoGo Oscillator rose to the zero line and became embroiled in a Max GoNoGo Squeeze. Now, with GoNoGo Oscillator breaking out of the GoNoGo Squeeze back into positive territory, we see signs of Go Trend Continuation (green circle). We will watch to see if this resurgent momentum in the direction of the “Go” trend gives price the push it needs to finally climb to a new higher high.
