$CHRW had been in a “Go” trend since May.
However, after the high at the beginning of November, we saw a Go Countertrend Correction Icon (red arrow) which indicated price may struggle to go higher in the short term. Indeed we then saw price move mostly sideways and GoNoGo Trend paint several weaker aqua bars indicating the trend weakness. During this time, GoNoGo Oscillator fell to test the zero line from above where it tried to find support. In late October, we saw the oscillator fail to hold the zero line and as it moved into negative territory we knew that momentum was out of step with the “Go” trend. Price continued to struggle and the “Go” gave way to “Go Fish” and “NoGo” bars. Lately however, it seems the bulls have returned, and as GoNoGo Oscillator has recovered positive territory GoNoGo Trend is painting “Go” bars again. So, with a strong blue “Go” bar close to resistance, and momentum now resurgent in the direction of the new “Go”, we will look to see if this gives price the push it needs to climb above resistance to new highs.
