$PNR has been in a “Go” trend since the summer months.
After the last high at the end of November we saw a Go Countertrend Correction Icon (red arrow) telling us that price may struggle to go higher in the short term. Indeed, we then saw price move mostly sideways and GoNoGo Trend sprinkled in several weaker aqua “Go” bars. We looked at the GoNoGo Oscillator then to see if it would find support at the zero level. For a while it did, but on the second test, we saw it fail and move into negative territory. This was a clear sign that the “Go” trend was in trouble. On the following bar, we saw GoNoGo Trend paint an amber “Go Fish” bar of uncertainty which has now been followed by a first “NoGo” bar. With momentum falling further into negative territory and volume increasing (dark blue oscillator color) we will watch to see if price falls further from here.
