$STLD has been in a “Go” trend since the beginning of September.
We have seen a series of higher highs and higher lows as price has climbed to almost $175. During that time, GoNoGo Oscillator has been at or above the zero line finding support each time it has tested that level. After the high in early December, we saw Go Countertrend Correction Icons (red arrows) indicating that price may struggle to go higher in the short term due to waning momentum. Since then, GoNoGo Oscillator has fallen to test the zero line and has found support twice. This tells us that momentum remains in the direction of the “Go” trend. With price making another run at overhead resistance on strong blue “Go” bars, we will watch to see if this resurgent momentum is enough to give it the boost it needs to climb to new higher highs.
