$WELL entered a new “Go” trend a week ago.
This comes after a “NoGo” correction that took price sharply lower. During that “NoGo” move, GoNoGo Oscillator pierced the zero line and fell into negative territory on heavy volume. However, as price recovered, GoNoGo Oscillator rose to test the zero line from below. It got stuck there, causing the climbing grid of GoNoGo Squeeze to rise to its Max. This reflects a virtual tug of war between buyers and sellers at this level. It was important to watch for the direction of the break of the GoNoGo Squeeze and when the oscillator broke into positive territory this was a leading indicator for the trend change that came quickly back to a “Go”. Now, with a new “Go” trend painting strong blue bars, GoNoGo Oscillator has retested the zero line and once again found support. We know that momentum is resurgent in the direction of the “Go” trend and so we will look to see if price can continue to climb and threaten prior highs.
