Amazon poised for a move - GoNoGo Charts
The giant online retailer appears ready for a move. The GoNoGo Trend is a “Go” but it is currently weakening.
The GoNoGo Oscillator is at zero and looking to find support. The Squeeze is on and has been for several bars!
We need to wait for price to tell us which way it is going on this one. While the trend is up and the oscillator is finding support at the zero line, there are also reasons to be cautious.
First, there is bearish divergence where price is making higher highs and yet the GoNoGo Osicillator is making lower highs (grey downward sloping trend line in the lower panel. Secondly, price has made what appears to be a diamond formation which is a broadening pattern followed by a triangle. While the break from this pattern can be in either direction, it is a little more likely to go back where it came from!
Either way, we’d wait for the squeeze to be over and the oscillator to move away from zero.
The GoNoGo Oscillator is at zero and looking to find support. The Squeeze is on and has been for several bars!
We need to wait for price to tell us which way it is going on this one. While the trend is up and the oscillator is finding support at the zero line, there are also reasons to be cautious.
First, there is bearish divergence where price is making higher highs and yet the GoNoGo Osicillator is making lower highs (grey downward sloping trend line in the lower panel. Secondly, price has made what appears to be a diamond formation which is a broadening pattern followed by a triangle. While the break from this pattern can be in either direction, it is a little more likely to go back where it came from!
Either way, we’d wait for the squeeze to be over and the oscillator to move away from zero.
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