Nokia’s “Go” trend is being tested. The quick retracement from the highs of this current rally show the GoNoGo Trend painting paler blue, weaker trend bars.
The recent high was not confirmed by the GoNoGo Oscillator as we see lower highs in the lower panel.
Price is also testing support from what many would consider a broadening formation (megaphone), with diverging *trend lines. This pattern suggests disagreement between the bulls and the bears with increased *volatility in the price swings. Typically, this is considered to be *bearish.
To add to this, the GoNoGo Oscillator has dipped negative for the first time since the rally began. This negative momentum increasing the possibility that the trend may struggle to stay a “Go”.
What are the GoNoGo Indicators?
The GoNoGo Trend indicator blends traditional trend concepts to color price action according to the strength of its trend. The colors range from *bright blue (strongly *bullish) to dark *purple (strongly *bearish)
The GoNoGo Oscillator blends traditional *momentum concepts to demonstrate the velocity of price action. The oscillator ranges from -6 (extremely *oversold) to +6 (extremely *overbought)
The recent high was not confirmed by the GoNoGo Oscillator as we see lower highs in the lower panel.
Price is also testing support from what many would consider a broadening formation (megaphone), with diverging *trend lines. This pattern suggests disagreement between the bulls and the bears with increased *volatility in the price swings. Typically, this is considered to be *bearish.
To add to this, the GoNoGo Oscillator has dipped negative for the first time since the rally began. This negative momentum increasing the possibility that the trend may struggle to stay a “Go”.
What are the GoNoGo Indicators?
The GoNoGo Trend indicator blends traditional trend concepts to color price action according to the strength of its trend. The colors range from *bright blue (strongly *bullish) to dark *purple (strongly *bearish)
The GoNoGo Oscillator blends traditional *momentum concepts to demonstrate the velocity of price action. The oscillator ranges from -6 (extremely *oversold) to +6 (extremely *overbought)
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