$INDU had been in a strong “Go” trend since the end of last year.
After new highs at the end of March, we see price has fallen and GoNoGo Trend has rolled through the colors. First it painted some weaker aqua bars and then sprinkled in amber “Go Fish” bars that represent uncertainty. This was followed by a pink “NoGo” bar which has strengthened to purple. As the market was uncertain, GoNoGo Oscillator fell to the zero line and was unable to find support at that level. After falling into negative territory, it has retested that level twice and each time has found it to be resistance. With momentum resurgent in the direction of the new “NoGo” trend we therefore see signs of trend continuation. Momentum is not yet oversold and we will look for price to struggle further from here.
