GoNoGo Charts suggest move up after consolidation for OIL
Oil 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.
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.