$COF re-entered a “Go” trend in the middle of January.
We then saw Go Countertrend Correction Icons (red arrows) at the new highs, suggesting that price may struggle to go higher in the short term. Indeed, since then, we have seen price move mostly sideways and GoNoGo Trend has painted several weaker aqua bars. GoNoGo Oscillator during this time fell to test the zero line from above. It got stuck there, in a virtual tug of war between buyers and sellers at that level. Most recently, the oscillator broke out of a Max GoNoGo Squeeze into positive territory and GoNoGo Trend is painting strong blue bars. This resurgent momentum in the direction of the “Go” trend was enough to help push price above prior high resistance. We will look for price to consolidate at these levels before making an attempt to move higher still.
