The second half of March saw $PLD fall into a “NoGo” trend.
Before the “NoGo” was identified, we saw GoNoGo Oscillator fail to find support at the zero line and GoNoGo Trend paint consecutive amber “Go Fish” bars. As the “NoGo” trend developed we saw increased volume as the dark blue of the oscillator tells us that volume is heavier than its recent average. During a strong trend, we know that the zero line should provide support, or in this case, resistance. As the “NoGo” trend continues, we would expect the GoNoGo Oscillator to remain at or below zero. Each time it gets turned away by the zero line we know that momentum is surging in the direction of the “NoGo” trend. On the most recent bar, as price gapped lower and broke below horizontal support, we see that GoNoGo Oscillator has again been turned away by the zero line. This has triggered the “NoGo” Trend Continuation Icon (red circle) that we see on the chart. We can look for the horizontal level we see on the chart to potentially act as resistance now going forward as price sets a new low.
