GoNoGo Charts sees Amazon looking to go higher
As we noted in a previous idea, Amazon was ready for a move.
After the GoNoGo Squeeze highlighted reduced volatility we were expecting a move of the GoNoGo oscillator off the zero line.
Given that the trend was a “Go” we thought it was likely to move up. Now that this has happened, we are testing resistance from prior highs and if we can stay above there may be room to run, especially as the GoNoGo Oscillator is not yet at extremes.
After the GoNoGo Squeeze highlighted reduced volatility we were expecting a move of the GoNoGo oscillator off the zero line.
Given that the trend was a “Go” we thought it was likely to move up. Now that this has happened, we are testing resistance from prior highs and if we can stay above there may be room to run, especially as the GoNoGo Oscillator is not yet at extremes.
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