$CSCO has been in a “Go” trend since the middle of August last year.
Since then we have seen a series of higher highs and higher lows as price rose to almost $60. However, after the last higher high in December, we saw a Go Countertrend Correction Icon (red arrow) indicating that price would likely struggle to go higher in the short term. Indeed, since then, price has moved mostly sideways and GoNoGo Trend has painted a majority of weaker aqua bars. The indicator even painted a few amber “Go Fish” bars informing us of the market’s uncertainty for higher prices. More recently though, we saw GoNoGo Oscillator finding support at the zero line as price again challenged for new highs. On the last bar, price gapped higher and eclipsed the high from December. Now, with momentum resurgent in the direction of the “Go” trend we will watch to see if price can consolidate at these levels and move higher in the upcoming days and weeks.
