$OXY had been in a long “NoGo” since July.
We saw a series of lower highs and lower lows as price cratered to around $45. After hitting that low we saw a NoGo Countertrend Correction Icon (green arrow) indicating that price may struggle to go lower in the short term. Indeed, we saw a strong rally off the low. GoNoGo Oscillator rallied to test the zero line from below and when it broke through into positive territory on heavy volume we knew that the “NoGo” may be in real trouble. After a few bars of amber “Go Fish” uncertainty, we saw GoNoGo Trend paint aqua “Go” colors. With momentum in positive territory and falling out of overbought conditions, we will watch to see if this gives price the push it needs to climb higher and paint stronger blue bars.
