$META has broken out of a “NoGo” with a new aqua bar.
After gapping lower in April, price has been climbing steadily. As it filled the gap, it ran into resistance in the form of the upper bound of the gap. We also see the concept of polarity playing out here as this level of resistance was support earlier in the chart. As price struggled with this level, GoNoGo Oscillator rose to challenge the zero line and after a Max GoNoGo Squeeze (reflecting the tug of war between buyers and sellers at this level) we saw the Squeeze broken into positive territory. This told us that momentum was out of line with the “NoGo”. We therefore expected the “NoGo” trend to struggle. GoNoGo Oscillator has since retested the zero level several times and found it to be support. On the last run up against resistance, we saw also that GoNoGo Trend no longer painted “NoGo” bars but instead painted a couple of amber “Go Fish” bars. Yesterday, as GoNoGo Oscillator bounced further into positive territory, GoNoGo Trend recognized a new “Go” trend as price finally broke above horizontal resistance. With momentum surging in the direction of the new “Go” trend, we will watch to see if price can rally further to challenge April’s highest high.
