$CTRA hit highs in early April that have yet to be surpassed.
Just after that last high, we saw a Go Countertrend Correction Icon (red arrow) that indicated price may struggle to go higher in the short term. Indeed, since then, price has failed on several attempts to make new highs. During that time, while GoNoGo Trend has painted some amber “Go Fish” bars of uncertainty, the indicator has not painted any “NoGo” colors. As price fell away from the last high, GoNoGo Oscillator struggled to find support at the zero line dipping into negative territory on two occasions. At the beginning of this month, the oscillator was able to recapture positive territory and has managed to stay at or above that level since. Most recently, after spending some bars “riding the zero line” the oscillator has broken out of a GoNoGo Squeeze into positive territory. With GoNoGo Trend painting strong blue bars as price makes another run at overhead resistance, we will watch to see if this resurgent momentum in the direction of the underlying “Go” trend gives price the push it needs to set a new higher high.
