$XOM has been in a “NoGo” trend since October of last year.
After making a series of lower lows and lower highs we saw GoNoGo Oscillator rise to the zero line on January 25. We expected some resistance at that level if the “NoGo” trend was to remain in place. The oscillator did not find resistance, instead breaking straight through into positive territory. This surging momentum allowed GoNoGo Trend to paint amber “Go Fish” bars for 3 in a row. Now, GoNoGo Trend paints its first aqua “Go” bar and we know that momentum is surging in the direction of the new “Go” trend. We will look for price to consolidate at these levels and set a new higher high.
