$MRO has been struggling in a “NoGo” trend since November of last year.
During that time, we have seen GoNoGo Trend paint a mix of strong purple and weaker pink “NoGo” bars and GoNoGo Oscillator has been primarily at or below the zero line. Each time the oscillator was rejected at that level and fell back into negative territory the chart signaled NoGo Trend Continuation with a red circle. However, after a series of lower lows and lower highs we saw higher lows this month. This came after a NoGo Countertrend Correction Icon (green arrow) that told us price may struggle to go lower in the short term. Now, in what looks like an ascending triangle, GoNoGo Oscillator has risen to challenge the zero line again. After two Max GoNoGo Squeezes’ we see GoNoGo Oscillator breaking out of the Squeeze into positive territory on heavy volume. This is showing us that momentum is out of step with the NoGo Trend. We will watch for a new higher high which would break above resistance and a potential color change to “Go” bars.
