GoNoGo Charts sees Facebook struggling to maintain "Go" trend

2 lug 2020It’s been a wild ride for Facebook over the last few days. However, the volatility and price drops associated with the looming ad boycott were not enough to change the trend from “Go” to “NoGo”. We did see a couple of amber bars, signaling that the strength of the “Go” trend was being tested.
As the GoNoGo Trend was struggling to paint “Go” bars, the GoNoGo Oscillator dipped negative and is now testing zero from below.
There is also plenty of overhead supply that should act as resistance if price can climb much higher at all.
The trend is barely still a “Go” with resistance ahead and the GoNoGo Oscillator struggling at zero, we’d be wary at this point.


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)