$CL has been in a “Go” trend since April.
Since then we have seen a series of higher highs and higher lows. In late June, just after another higher high, we saw a Go Countertrend Correction Icon (red arrow) that indicated price may struggle to go higher in the short term. We saw that momentum had waned, and so expected a consolidation or pullback. After some weaker aqua “Go” bars, price recovered and GoNoGo Trend was able to paint stronger blue bars. During this time, GoNoGo Oscillator had fallen to test the zero line. We look for the oscillator to find support at that level in a “Go” trend. As GoNoGo Oscillator was unable to move away from zero, we saw the climbing grid of GoNoGo Squeeze rise to its Max. Now, as price edges higher, GoNoGo Oscillator has broken out of the Max GoNoGo Squeeze into positive territory. With momentum resurgent in the direction of the underlying “Go” trend, we will look for price to continue higher.
