Grocery Outlet Holding Corp has seen price move sideways after the initial surge of this latest “Go” trend.
This price activity has seen the GoNoGo Oscillator fall to and ride the zero line as we see reduced volatility. The longer the oscillator stays at the zero line the more possibility of a breakout. If this “Go” trend is healthy, we will look to see if the oscillator can break out of the max GoNoGo Squeeze into positive territory which would tell us that momentum has returned in the direction of the trend. At the same time, this week has seen consumer staples as a sector return to outperformance relative to the base index. If $GO can capitalize and we see GoNoGo Oscillator break the squeeze to the upside, we will look for price to pull away and set new highs.
