$UBER entered a “Go” trend a little over week ago.
It immediately faced the horizontal resistance we see on the chart from prior highs and lows. We can see the concept of polarity playing out here as what used to be support at the end of last year became resistance this spring. Price failed at that level and the trend remained weak, painting paler aqua “Go” bars. GoNoGo Oscillator fell to test the zero line from above where it quickly found support. We can see the indicator bouncing off the zero line back into positive territory. This gives us signs of Go Trend Continuation (green circle) as we know that momentum is resurgent in the direction of the “Go” trend. With this momentum boost, we will watch to see if price can climb above resistance to a new higher high and establish the new “Go” trend.
