$AAON has been in a “Go” trend since late 2023.
After hitting another higher high earlier this month we saw a Go Countertrend Correction Icon (red arrow) warning us that price may struggle to go higher in the short term. Indeed, since then we saw a string of weaker aqua “Go” bars painted by the GoNoGo Trend Indicator as the trend strength ebbed. Price fell to test the support from the rising trend line you see on the chart. GoNoGo Oscillator fell to test the zero line from above where it looked for support but failed and broke into negative territory. This was a concern for the “Go” trend, as we know that in an ideal trend the oscillator should hold at or above that level. However, with price finding support at the trend line, GoNoGo Oscillator has rallied back into positive territory on heavy volume (dark blue oscillator color). With momentum now resurgent in the direction of the underlying “Go” trend we will look to see if this gives price the push it needs to mount an attack on new higher highs.
