$UBER has been in a “Go” trend since early this month.
Having raced to a high on 5/22, we have seen price pull back against the trend after a 2nd Go Countertrend Correction Icon (red arrow) indicated that price may struggle to go higher in the short term. Now, after painting a couple of weaker aqua “Go” bars, the GoNoGo Oscillator has fallen to test the zero line from above. This tells us that there is little directional momentum. We will watch to see if the oscillator can find support at the zero line. If it does, and rallies back into positive territory we will be able to say that momentum is resurgent in the direction of the “Go” trend. We would then expect an attempt at a new high.
