$BRO has been in a “Go” trend for several months.
We have seen a series of higher highs and higher lows as price has climbed steadily since May. Earlier this month, we saw another higher high and it was accompanied by a Go Countertrend Correction Icon (red arrow). This told us that price may struggle to go higher in the short term due to waning momentum. As price fell from that high and we saw it move mostly sideways since, GoNoGo Oscillator fell to and struggle with the zero line. It is important for the health of the “Go” trend that the oscillator stay at or above zero and now, after breaking out of a GoNoGo Squeeze it is back in positive territory on heavy volume. Price at the same time has recovered, painting a strong blue “Go” bar and is challenging prior high resistance. We will see if this resurgent momentum in the direction of the “Go” trend will give price the push it needs to set a new higher high.