Oil has consolidated sideways for most of May. The GoNoGo Trend indicator has been able to maintain its “Go” trend throughout this period on a 4 hour chart.
The reduced volatility is visualized by the GoNoGo Squeeze indicator in the oscillator panel. We saw the grid climb to its maximum (green arrow) and stay there until price started to move today.
We see a green re-entry icon under the current bar as the GoNoGo Oscillator finds support at zero. This could indicate a renewed move up in price supported by more enthusiastic buying. Click here ...
We looked at this one last week. We noted that it seemed to be forming a basing pattern but that there was strong resistance at the runaway gap highlighted by the shaded grey zone.
Since we looked at it, the price chart remains a “Go” although the bars are the weaker pale blue color. What has happened in the few days since we lsat checked, the GoNoGo Oscillator has fallen and is riding the zero line.
It is critical to watch this inflection point. If the oscillator can find support again here again and rally then we expect price to rally and test the lower bound of that gap, around 8.63.
Of course, if the oscillator doesn’t hold the zero line, that will suggest bearish momentum and so the “Go” trend will be in doubt
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GoNoGo Charts point to pivotal moment for Bitcoin.
On the daily chart the cryptocurrency is in a “Go” as depicted by the blue bars but yesterday’s large down day has sent the GoNoGo Oscillator crashing to the zero line.
There should be support here if the current up trend is healthy.
Look for a bounce off the zero line, back into positive momentum, and for the “Go” trend to continue, pushing prices back near 10,000 in the short term.
If the GoNoGo Oscillator does not find support here then we’d consider the up trend threatened.
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This is a simple but very powerful chart of Bitcoin that demonstrates several of the strengths of GoNoGo Charts.
As I’ve mentioned before, the GoNoGo Trend indicator often changes color around important basic technical levels. We see this here as Bitcoin flirts with and tries to break above the downward sloping trend line the GoNoGo Trend paints its first blue “Go” bars. We can also see that this Color change happened in advance of the break of the upper horizontal bound of an ascending triangle, giving the analyst an early heads up.
In the lower panel, we can see once again the value in the GoNoGo Oscillator’s interaction with the zero line. Note that the GoNoGo Oscillator is a leading, momentum indicator and so it was able to break above the zero line in advance of the color change in the panel above. It then became a battle between the resistance in the price panel and the support of the zero line in the oscillator panel.
As we can see, the “Go” trend prevailed and prices have moved higher. Click here ...
This intraday GoNoGo chart still paints a bearish picture of GBPUSD. This is a 120 minute chart and we can see that since the beginning of May the trend has been down, highlighted by the GoNoGo Trend indicator’s “NoGo” purple and pink bars.
After a period of consolidation and low volatility, reflected by the climbing of the GoNoGo Squeeze indicator in the lower panel (grey arrow), the GoNoGo Oscillator was turned away from the zero line and we got a low risk opportunity to enter the downtrend (red circle on May 6th).
Currently, we have made a new low and see another red circle (current bar), indicating that momentum is negative and therefore expect no change in trend in the short term. Click here ...
Great looking chart of EURGBP. GoNoGo Trend on the 1hr chart has been a “NoGo” but has consolidated over the last 2 days. We saw a green countertrend arrow close to the recent low.
In the lower panel, the GoNoGo Oscillator has been testing the zero line from below. If the “NoGo” trend is to resume, the oscillator should be rejected at the zero line.
The new GoNoGo Squeeze indicator, (grey arrow), helps visualize this decreasing volatility by “climbing” higher each day that the oscillator inputs are giving neutral readings. After periods of reduced volatility there is often a breakout and the GoNoGo Oscillator can suggest in which direction. If it is able to break into positive territory that would be bullish. Click here ...
On the face of it, energy companies would seem like a strange place to look for investment opportunities. Indeed, the industry has been incredibly hard hit by the global pandemic and the ensuing market collapse.
However, scanning chart after chart I see a lot of basing patterns, and now many in the industry look as though they are coming out of the other side.
ET, Energy Transfer LP, looks particularly good on the daily GoNoGo Chart. We’ve seen a rounded consolidation after the extreme drop (over 70% since early year highs) and a smooth transition through the trend colors. First the GoNoGo Trend painted amber bars and that was followed by the “Go” flag and blue bars.
The GoNoGo Oscillator is picture perfect also, staying below zero during the downturn, breaking above zero in early April and already finding support at the zero line.
Investing here though is certainly not for the faint of heart! Obstacles abound, the weekly chart is still strongly “NoGo” and there is likely to be significant resistance overhead from the large runaway gap on March 9th. We have already seen this level hold as resistance a few days ago.
This currency pair can’t seem to make up its mind. I’ve been watching EUR for a few weeks waiting for momentum to give us a clue as to its next move. GoNoGo Oscillator has been riding the zero line for all of April. Typically, when the oscillator spends a long time at zero the next significant move is powerful. The GoNoGo oscillator hits zero when momentum across all inputs is neutral. As we know, after a squeeze in volatility we are likely to see a breakout.
Today, after several neutral amber bars, the GoNoGo Trend indicator has renewed its “NoGo” trend. If the GoNoGo Oscillator can confirm this with a significant break into negative territory then we would expect a move to at least test the March lows.
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This is the daily GoNoGo Chart of Bitcoin. We can see that we are in an area of congestion that will need to be overcome. The 9230 level should act as resistance and the 8380 level should act as support. If price trades down to that level over the next few days then we would need to look to the GoNoGo Oscillator to see if support can be found at the zero line.
On an intraday basis it looks as though that support was found today.