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GoNoGo Charts sees bullish signs for EURGBPThe daily GoNoGo Chart of the Euro / British pound cross looks like it is forming a base. The GoNoGo Trend is showing “NoGo” but it is weakening as depicted by the paler pink bars. We look to the GoNoGo oscillator to confirm the price action and if this “NoGo” trend was strong then we’d expect it to find resistance at zero as it did from the 22nd to 27th of April. However, the current price bar has been strong enough to push the GoNoGo Oscillator into positive territory for the first time since the highs of march. If the momentum can stay positive, expect a leg up in price out of the consolidation zone.
Long
by GoNoGoCharts
GoNoGo Charts suggest move up after consolidation for OILOil 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.
NYMEX:CL1!Long
by GoNoGoCharts
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Ford continues to consolidate on GoNoGo Charts dailyLong post but so much information! Ford Motor Company is consolidating sideways after the precipitous drop that came with Covid-19.
The GoNoGo Charts highlight many traditional aspects of technical analysis and they can be seen here on the chart of Ford.
The GoNoGo Trend indicator has illuminated the down trend with consistent bearish purple and pink bars but since the end of march has been forming a consolidation pattern with higher lows and lower highs. You can see the upper bound of resistance and lower bound of support are on a collision course to meet. In fact, there is cause to think that the down trend is weakening as we saw amber neutral GoNoGo bars during the last price high. The GoNoGo Squeeze indicator accurately shows this reduced price volatility with its climbing grid that has formed a few times throughout the sideways price action. (Lower panel)
Also traditionally associated with this kind of consolidation is low volume and again, the GoNoGo Charts show this. Gone is the dark blue color of the Oscillator in the lower panel. The dark blue represented higher than normal volume as prices crashed. The GoNoGo Oscillator has been its default pale blue for most of this consolidation. Look for a significant move away from zero to determine Ford’s next move.
NYSE:F
by GoNoGoCharts