KEY
TAKEAWAYS
- trend continuation
- breakouts
- Momentum Confirmation
- Bull Flags
Top 5 Stocks in “Go” Trends
Trend Continuation on Rising Momentum
GoNoGo Charts® highlight low-risk opportunities for trend participation with intuitive icons directly in the price action. The resurgence of momentum in the direction of the underlying price trend is an excellent entry opportunity, or the chance to scale up positions.
GoNoGo Icons® illuminate these events on the chart with green solid circles (or red circle to highlight continuation of NoGo trends). When GoNoGo Trend® is painting blue or aqua bars, a green solid circle will appear below price each time GoNoGo Oscillator® finds support at zero.
Below are the top 5 stocks/ETFs in “Go” trends with surging momentum by volume in the S&P 500 as of the daily closing price action:
StockCharts Scan for GoNoGo “Go” Trend Continuation
Walmart Inc – (WMT)
§ GoNoGo Icons signaled a trend continuation on Thursday (05/16/24).
§ After Wednesday’s reversal candle on neutral amber trend conditions, price action gapped higher finishing the week on strong “Go” conditions painting blue bars.
§ GoNoGo Oscillator found support at the zero line, racing higher to overbought momentum on Friday.
§ Walmart has traded on heavy relative volume all week.
General Motors Co. (GM)
§ GoNoGo Trend returned to strong blue “Go” conditions to conclude the trading week at prior highs just under $46/share.
§ GoNoGo Icons signaled a trend continuation on Thursday (05/16/24).
§ GoNoGo Oscillator ended the week in positive territory breaking out of a Max GoNoGo Squeeze® as momentum compressed at the neutral zero line the past two trading weeks.
Newmont Corporation (NEM)
§ GoNoGo Trend sustained strong blue “Go” conditions to throughout the trading week.
§ GoNoGo Icons signaled a trend continuation on Friday (05/17/24).
§ GoNoGo Oscillator ended the week in positive territory after retesting the zero line on light relative volume.
American Intl Group, Inc. (AIG)
§ GoNoGo Trend returned to strong blue “Go” conditions to end this trading week.
§ This recovery follows weakening trend conditions and corrective price action.
§ GoNoGo Icons signaled a trend continuation on Friday (05/17/24).
§ GoNoGo Oscillator tested and found support at the zero line.
§ Momentum broke to positive territory on Friday rallying on heavy relative volume.
EQT Corp. (EQT)
§ GoNoGo Trend ended the trading week on strong blue “Go” conditions.
§ GoNoGo Icons signaled a trend continuation on Wednesday and Friday (05/17/24).
§ GoNoGo Oscillator entered the trading week at the neutral zero line, building a small squeeze, rallied, and retested before ending the week in positive territory again on Friday.
§ EQT Corp. has traded on light relative volume since early May.
Tyler Wood, CMT, co-founder of GoNoGo Charts, is committed to expanding the use of data visualization tools that simplify market analysis to remove emotional bias from investment decisions.
Tyler has served as Managing Director of the CMT Association for more than a decade to elevate investors’ mastery and skill in mitigating market risk and maximizing return in capital markets. He is a seasoned business executive focused on educational technology for the financial services industry. Since 2011, Tyler has presented the tools of technical analysis around the world to investment firms, regulators, exchanges, and broker-dealers.
