$HON has seen a trend change to a “Go”.
Since gapping lower toward the end of July, $HON has been struggling with mostly “NoGo” bars as price failed to get back above the resistance from the lower bound. Most recently, we have seen a long string of amber “Go Fish” bars as GoNoGo Trend reflected the market uncertainty in the “NoGo” trend. During this time, GoNoGo Oscillator rose to test the zero line from below and we saw it remain there, causing the grid of GoNoGo Squeeze to climb to its Max. With GoNoGo Trend painting new “Go” bars as price rises to test resistance, we see GoNoGo Oscillator break out of the Max GoNoGo Squeeze into positive territory and volume is heavy. With momentum now surging in the direction of the new “Go” trend, we will watch to see if this gives price the push it needs to break above horizontal resistance.
