Northern Oil & Gas Inc is resting within a “Go” trend.
The energy sector has been a leader among the S&P 500 groups for some time now and so it is no surprise to see a strong move in this stock. After emerging from the “NoGo” in early September, price has risen sharply to a recent high two weeks ago. This high was highlighted by a red counter trend correction arrow and since we have seen price pull back. This counter trend correction has seen GoNoGo Oscillator fall to and ride the zero line as the climbing grid of GoNoGo Squeeze hits an extreme. We will look to see if support at zero is found in the oscillator panel and if so a break out of the squeeze and a green trend continuation circle will appear under price. Interestingly, on the weekly chart, we see a fresh “Go’ identified on the current bar.
