$SRE has painted a new aqua “Go” bar on the daily chart.
The utilities company had been in a mostly sideways “NoGo” correction since falling out of the “Go” trend early this year. About a month ago, GoNoGo Oscillator rose to challenge the zero line from below and we can see that after that it had difficulty breaking free from the constraints of that level. As buyers and sellers engaged in a tug of war we saw GoNoGo Trend paint several amber “Go Fish” bars representing uncertainty. Finally as GoNoGo Oscillator broke out of another GoNoGo Squeeze into positive territory, we saw price rise again to rest overhead resistance and we see GoNoGo Trend paint a first aqua “Go” bar. With a new “Go” trend in place, and momentum resurgent in the direction of the new “Go” trend we will look for price to break above resistance to new highs.
