Genco Shipping and Trading is in a new “NoGo” trend as GoNoGo Oscillator gets turned away by the zero line.
The trend conditions are a strong “NoGo” with GoNoGo Trend painting purple bars. We are also seeing a NoGo Trend Continuation icon (red circle) as momentum has returned in the direction of the “NoGo” trend. This signals a relatively low risk entry point into the “NoGo” as momentum is on the side of the trend. Leaving the price chart unobstructed by simply coloring the price bars based on strength of trend, traditional analysis is easy using a GoNoGo Chart. We saw bearish divergence as price made an ultimate high that wasn’t confirmed by the oscillator. We have also seen what appears to be a bearish head and shoulders develop with a horizontal neckline. As noted elsewhere, when using GoNoGo Charts with traditional pattern analysis, we like to see GoNoGo conditions change as the pattern progresses. In this case, as the right shoulder forms, GoNoGo Trend was unable to maintain its “Go” colors and GoNoGo Oscillator broke below the zero line where it is now finding resistance. Look for price to break below the neckline and set a new low.
