$IRM has been in a great “Go” trend since early May.
We have seen a series of higher highs and higher lows that have pushed price to almost $115. Most recently, on the last higher high, we saw a Go Countertrend Correction Icon that told us price may struggle to go higher in the short term. This was due to waning momentum, the GoNoGo Oscillator falling out of overbought territory. Indeed, we then saw mostly weaker aqua “Go” bars as price fell from the high. During this period, GoNoGo Oscillator fell to test the zero line from above and it became important to see whether it would find support at that level. After a small GoNoGo Squeeze, the oscillator has bounced back into positive territory. This allows us to say that momentum is resurgent in the direction of the underlying “Go” trend and we will see if this gives price the push it needs to move to a new higher high.
