$CL hit highs in April that were followed by a Go Countertrend Correction Icon (red arrow).
This informed us that prices may struggle in the short term to go higher due to the waning momentum. Indeed, as price fell from those highs, we saw GoNoGo Trend paint a majority of weaker aqua bars reflecting the weakness. GoNoGo Oscillator even broke below the zero level into negative territory. However, the “Go” trend held, and we saw price rally and strength come back into the stock in the form of the bright blue “Go” bars. As this happened, GoNoGo Oscillator rose to test the zero line from below. As it got stuck at that level, we saw a Max GoNoGo Squeeze build, a visual interpretation of the tug of war between buyers and sellers at this level. Now, GoNoGo Oscillator is breaking out of the Max GoNoGo Squeeze and GoNoGo Trend paints a strong blue bar as price rises to challenge the prior high. With momentum resurgent in the direction of the underlying “Go” trend, we will look for price to continue to challenge new highs.
