Conditional Formatting based on text returned within same cell from IF statement

[Mike Slattery]

Can you format a cell based upon an IF statement that returns text strings?

I want to format the cell containing the text and have set up conditional formatting to fill the cell with one of three colors based on three text strings that the formula can generate.

I am not getting any formatting?

The formatting within the conditional formatting are as follows:
="REVERSAL" --- colored red
="NO INDICATION" ---colored gray
="CONTINUATION" ---colored green

Thanks Michael

 

[Mike Slattery]

I may have discovered one of the problems. The cell with the If formula returning the text string is within a merged group of cells?