Oil futures testing support as momentum fades
After a rise of over 75% since the beginning of the last “Go” trend we are seeing longterm, significant divergence with the GoNoGo Oscillator.
Price has continued to rise, making higher highs and higher lows, but the GoNoGo Oscillator has been making consistently lower highs since the 22nd of June.
Currently, the oscillator is resting at the zero line which happens when the unique blend of momentum inputs are all neutral.
For the “Go” trend to persist, we need to see the GoNoGo Oscillator find support at zero as it has several times before.
If momentum crosses into negative territory and is able to stay there, we will likely see a correction in price, perhaps even leading to a GoNoGo Trend change.
Price has continued to rise, making higher highs and higher lows, but the GoNoGo Oscillator has been making consistently lower highs since the 22nd of June.
Currently, the oscillator is resting at the zero line which happens when the unique blend of momentum inputs are all neutral.
For the “Go” trend to persist, we need to see the GoNoGo Oscillator find support at zero as it has several times before.
If momentum crosses into negative territory and is able to stay there, we will likely see a correction in price, perhaps even leading to a GoNoGo Trend change.
