$ABM is looking for continued support in its attempt to break to new higher highs.
GoNoGo Oscillator broke above the zero line on heavy volume at the end of February, and this was a leading indication of the changing technical environment for the industrials stock. Recognizing that positive momentum was out of step with the “NoGo”, it wasn’t surprising to see GoNoGo Trend emerge out of the “NoGo” to paint amber “Go Fish” bars followed by “Go” colors. Price rallied sharply then into the end of March as price high new highs. Since then, we have seen price move mostly sideways but maintain “Go” colors, aqua and blue. During this period GoNoGo Oscillator has remained at or above zero, finding support at that level an encouraging 4 times. Each time GoNoGo Oscillator has held the zero line and bounced back into positive territory price has set a slightly higher low. Now, challenging the overhead resistance we see on the chart again, we will look to see if this resurgent momentum in the direction of the “Go” trend will be enough to push price finally to a new higher high.
