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The Baker Hughes Company, a large supplier to the oil industry, is stuck in a max GoNoGo Squeeze.
Having experienced a strong “Go” trend since the beginning of the year with uninterrupted “Go” bars and GoNoGo Oscillator staying above the zero line, we now see a situation which will determine the next move.  Price consolidation sideways has caused GoNoGo Oscillator to fall to zero and stay there.  It has been riding the zero line for several bars, allowing the climbing grid of GoNoGo Squeeze to build to its max.  This represents reduced price volatility as the struggle between the bulls and the bears is visualized.  We will watch to see if GoNoGo Oscillator can break out of the Squeeze into positive territory.  If it does, that suggests momentum is back in the direction of the “Go” trend and we could expect an attack on prior high.