$ON has entered a “Go” trend after several months of a “NoGo”.
As price rallied from the early November lows GoNoGo Oscillator rose to test the zero line from below. It remained at that level for an extended period of time as investors entered a tug of war over price’s next direction. With each bar stuck at zero, we saw a GoNoGo Squeeze build to its Max. When this GoNoGo Squeeze was broken into positive territory that told us that momentum was now out of step with the underlying “NoGo” trend. GoNoGo Trend followed by recognizing a new “Go” trend and that has allowed price to continue higher, challenging the resistance from October’s gap down. With a new “Go” trend, and momentum confirming in positive territory, we will look to see if price has the push it needs to break above this resistance.
