$BWA has been in a “NoGo” trend since early August.
Now, it looks to have set a base. With price having made a first higher low since the lowest low in early November, price has made a first higher high as GoNoGo Trend recognizes trend change. After initially flagging a “Go” trend several bars ago, the indicator showed the market’s uncertainty with two amber “Go Fish” bars before once again painting an aqua “Go” color. During that time, GoNoGo Oscillator has been able to break back above the zero line showing that momentum is now on the same side as the trend. The resistance is obvious on the chart however, coming from the gap lower at the beginning of November. With price action and momentum now working together, we will watch to see if $BWA can climb above resistance to another higher high as the “Go” trend continues.
