GoNoGo Trend has recognized a changing technical environment with a new “Go” bar on $ACGL.
This is the first “Go” bar in well over a month. After a strong “Go” trend that had seen a series of higher highs and higher lows that had pushed price to highs in May over $103, we saw two Go Countertrend Correction Icons (red arrows) that suggested prices would struggle. Indeed, the indicator painted a majority of weaker aqua bars before GoNoGo Oscillator fell below the zero line and the trend changed to a “NoGo”. With GoNoGo Oscillator predominantly below the zero line and GoNoGo in a “NoGo” trend we saw lower lows as price fell further. However, a little over a week ago, the oscillator was able to break back into positive territory and this told us that momentum was no longer in the direction of the “NoGo” trend. GoNoGo Oscillator continues to find support at zero and now we see a first “Go” bar painted by GoNoGo Trend. With momentum now aligned with the new “Go” trend, we will watch to see if price can challenge for new higher highs.
