$COST hit a high in early March that proved to be the last high of the “Go” trend.
Right after, we saw a Go Countertrend Correction Icon (red arrow) indicating that price may struggle to go higher in the short term. Indeed, price gapped lower and as the trend weakened (aqua bars) GoNoGo Oscillator fell below zero. We then saw a “NoGo” trend that has embroiled price for the past several weeks. However, after battling with the zero line in the form of the GoNoGo Squeeze, we have seen the oscillator cross back into positive territory. GoNoGo Trend has painted a few amber “Go Fish” bars representing uncertainty amongst a majority of weaker pink “NoGo” bars. GoNoGo Oscillator has retested the zero level from above and bounced back into positive territory. With momentum staying positive and finding support at the zero line, we will watch to see if this gives price the push it needs to see the technical conditions change and re-enter a “Go” trend. If it does, we will expect price to move to a new higher high.
