This is a long term weekly GoNoGo Chart of Renault. Interesting few weeks ahead. Note how the “NoGo” trend has bottomed and has formed an ascending triangle with higher lows. Price is nearing the upper bound of the triangle and as it does so has painted amber “Go Fish” bars, meaning that there is no recognizable trend currently.
The GoNoGo Oscillator is valiantly trying to significantly break above zero which would lead us to believe that a breakout might come to the upside.
However, if the oscillator falls back below zero we could see a break down below the lower bound of the ascending triangle. When an ascending triangle breaks to the downside we would likely set a target at the low of the beginning of the pattern. We will wait for the chart to tell us which way Renault is headed.