$ORCL entered a “Go” trend in early June.
After rallying to a high later the same month we saw a Go Countertrend Correction Icon (red arrow) indicating that in the short term price may struggle to go higher due to waning momentum. Since that high, price fell and GoNoGo Trend painted weaker aqua “Go” bars. We turn our eye to the oscillator panel and we see that during the time since the Go Countertrend Correction Icon the oscillator has fallen to test the zero line. On heavy volume, it has found support and bounced back into positive territory. GoNoGo Trend is painting stronger blue “Go” bars as price moves toward overhead resistance. With momentum resurgent in the direction of the trend, we will look to see if this gives price the push it needs to make a new higher high.
