GoNoGo Charts paints "NoGo" on EURBGP 4hr chart
After a nice run that was highlighted by the blue “Go” bars, we see a change in trend on the 4hr chart.
A sideways consolidation broke our initial trend line and then the recent, shorter term support line was broken with an amber trend neutral bar.
The GoNoGo Trend is now painting pink bars, the first bars of a bearish trend.
This move came as price broke out of a volatility squeeze as you might expect. Look at the lower panel to see the climbing squeeze grid that reflected this stalling momentum.
The GoNoGo Oscillator is currently oversold, so we can expect a short rally back toward the trend line. However, the trend is now a “NoGo” in the short term.
A sideways consolidation broke our initial trend line and then the recent, shorter term support line was broken with an amber trend neutral bar.
The GoNoGo Trend is now painting pink bars, the first bars of a bearish trend.
This move came as price broke out of a volatility squeeze as you might expect. Look at the lower panel to see the climbing squeeze grid that reflected this stalling momentum.
The GoNoGo Oscillator is currently oversold, so we can expect a short rally back toward the trend line. However, the trend is now a “NoGo” in the short term.
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