That is some turn of events for $ILMN!
After a really destructive “NoGo” trend that saw prices slashed to less than half of its value from recent highs, GoNoGo Oscillator showed bullish divergence as price hit the most recent low. As price climbed from here, GoNoGo Oscillator rallied to test the zero line from below where it was able to burst through into positive territory on heavy volume. GoNoGo Trend painted a string of weaker pink “NoGo” bars. With GoNoGo Oscillator above zero we knew that momentum was no longer in the direction of the “NoGo” trend and it is no surprise therefore to see GoNoGo Trend paint a first aqua “Go” bar. We will watch to see if the surging momentum and the confirmation of a “Go” trend will be enough to push price to a new high above horizontal resistance.
