Matador Resources breaks out of GoNoGo Squeeze into positive territory.
The “Go” trend is in place and painting strong blue “Go” bar as of the the last bar. After a strong rally since the trend was identified in mid September we have seen price consolidate mostly sideways. The recent high triggered a Go Countertrend correction red arrow to appear above the price bar and led to a weakening of the trend to pale aqua “Go” bars as GoNoGo Oscillator fell to the zero line. As the oscillator rode the zero line we saw the climbing grid of the GoNoGo Squeeze build to its extreme. Now we see the oscillator trying to break out of the squeeze into positive territory which signals a return of momentum in the direction of the “Go” trend. We will look for price to set a new high above $48.
