$XEL has been in a “Go” trend since mid July.
During this trend, we have seen price climb to over $83. Since the Go Countertrend Correction Icon (red arrow), price has struggled to move higher due to waning momentum. Indeed, we see that price has moved mostly in a sideways channel and GoNoGo Trend has painted several weaker aqua bars. GoNoGo Oscillator fell to test the zero line and we saw an extended Max GoNoGo Squeeze reflecting a virtual tug of war between buyers and sellers at this level. After an initial wobble, we see that momentum is finding support at the zero line and volume is heavy. As price climbs back to the top of the channel on bright blue bars, we will watch to see if the resurgent momentum in the direction of the underlying “Go” trend is enough to give price the push it needs to climb to a new higher high.
