$AMGN was in a “Go” trend since early May.
After hitting another higher high in July, we saw a couple of Go Countertrend Correction Icons (red arrows) indicating that price may struggle to go higher in the short term as momentum waned. A majority of weaker aqua bars followed as price struggled and GoNoGo Oscillator fell to test the zero line from above. After riding the zero line for a few bars, allowing a small GoNoGo Squeeze to build, the oscillator broke below the zero line on heavy volume. It quickly retested that level and is now falling further into negative territory as GoNoGo Trend paints an amber “Go Fish” bar showing uncertainty. We will watch to see if the trend changes to a “NoGo” here and will look for further price deterioration.
