$ECL has been in a “Go” trend for a few months.
However, after hitting a high late June, we saw a Go Countertrend Correction Icon (red arrow) that indicated price may struggle to go higher in the short term. Indeed, we then saw GoNoGo Trend paint a long run of weaker aqua “Go” bars and GoNoGo Oscillator fell through the zero line into negative territory. This was a concern, as we know that in a healthy up trend momentum should stay at or above zero. Recently, price gapped higher and GoNoGo Oscillator was able to recover positive territory as price tests resistance from prior highs. Hovering around these elevated levels, we see GoNoGo Trend painting a new strong blue “Go” bar and GoNoGo Oscillator finding support at the zero line bouncing back into positive territory. The Go Trend Continuation Icon (green circle) tells us that momentum is resurgent in the direction of the “Go” trend and so we will look for price to make an attempt to break higher to new highs.
