$PWR has been in a “Go” trend since early this year.
We have seen a series of higher highs and higher lows which brought price to a high at the end of May. At that time, we saw a Go Countertrend Correction Icon (red arrow), indicating that price may struggle to go higher in the short term. Indeed, we saw price cool and GoNoGo Trend painted several weaker aqua bars mixed in with the strong blue “Go” bars. GoNoGo Oscillator fell to test the zero line after that high and got stuck at that level. This caused a Max GoNoGo Squeeze to build with an extended period of reduced volatility. We watched this virtual tug of war between buyers and sellers at this level and on yesterday’s price bar we saw the GoNoGo Squeeze broken into positive territory. This tells us that momentum is resurgent in the direction of the underlying “Go” trend and so we will look for price to make an attempt at a new higher high.
