$SMH entered a “Go” trend last month.
Having rallied sharply to a high on 11/21 we saw a Go Countertrend Correction Icon that indicated price may struggle to go higher in the short term. Since then, price has fallen from the high and GoNoGo Trend has painted several weaker aqua bars. During this correction, GoNoGo Oscillator fell to test the zero line from above. Instead of bouncing right back into positive territory it remained at the zero line, causing the climbing grid of GoNoGo Squeeze to rise to its Max. This suggested a lack of directional momentum as investors took a pause. Now, the Squeeze has been broken to the upside, buyers winning the tug of war, and momentum is resurgent in the direction of the underlying “Go” trend. Concurrently, price has broken out of the bull flag pattern to new highs. We will look to see if price can continue higher from here.
