FirstEnergy Corp has seen the trend conditions change enough for the GoNoGo Trend indicator to identify a NoGo Trend back at the end of June.
The GoNoGo Oscillator warned of the deterioration by failing to find support at the zero line and has since been finding resistance at the zero line from below. After riding the zero line for several bars, showing reduced volatility, we see that it has been turned away again, causing a red NoGo continuation icon to appear above price. This suggests that the NoGo Trend is strong and bearish momentum has returned. Look for price to break below support at $36.90.
