$HD fell out of its last “Go” trend at the beginning of the month.
After the last high, we saw a Go Countertrend Correction Icon (red arrow) indicating that price may struggle to go higher in the short term. Indeed, since then we have seen price move lower against the trend and the GoNoGo Trend indicator has painted a majority of weaker aqua bars. GoNoGo Oscillator failed to find support at the zero level, as we know it should when a “Go” trend is healthy and we saw “NoGo” colors appear in the panel above. However, GoNoGo Oscillator has surged back into positive territory on heavy volume (darker blue color) and GoNoGo Trend has returned to painting “Go” bars. Now, with momentum resurgent in the direction of the new “Go” trend, we will look to see if this gives price the push it needs to make an attack on a new high.
