On Semiconductors CMP. 59.76ON semiconductor
CMP: 59.76
Could continue to be nagative till Oct 26. Can reach 53.47
From that point it would pick back up and can reach 67.48 by Nov 11
ON trade ideas
ON - semiconductor playON - closed at 63.50 - swing
Started swing yesterday - another semiconductor play breaking out from trendline resistance with above-average volume with below-average selling volume previous day - like this setup a lot and looking for a follow-through and move towards ATH and break above
On Semi Broke Out and Pulled Back. Now It’s BouncingOn Semiconductor is one of the few chip stocks to hit new highs this summer. It then pulled back along with the rest of the market, and is now bouncing.
The first pattern on today’s chart is the falling trendline along the peaks of January, March and June. ON broke that resistance in early August and is now turning it into support.
Second, the 50-day simple moving average (SMA) recently crossed above the 200-day SMA. That “golden cross” may signal that its the eight-month consolidation phase is coming to an end.
Third, stochastics are rebounding from an oversold condition.
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ON - Lights About To Go Out 😨🐻ON could be rebranded OFF shortly as it appears to be coming to the end of a double top Wyckoff distribution.
From PSY with higher volume to BC price moves in an expanding corrective pattern showing weakness.
From BC to SOW it moves in a descending channel which could be seen as bullish but really I think it is only holding the area before a fall.
The descending channel does then see pump up to the previous high but there is a lot a bearish divergence from BC and so this appears to be UT - momentum is shifting.
A weekly close with bearish body would help confirm downside.
I also have bearish bias on Nasdaq from herein.
And so i think ON is going to have a nasty tumble soon.
Approximate target is support at $26.
$ONIf daily closes up fibo 3.618 can target fibo 4.236.
But i draw my first scenario.
* The purpose of my graphic drawings is purely educational.
* None of what i write here is not an investment advice. Please do your own research before investing in any asset.
* Never take my personal opinions as investment advice, you may lose your money.
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On Semi Missed the Bear Market MemoMany technology stocks have been in a bear market since last fall, but On Semiconductor seems to have missed the memo.
Notice how the maker of automotive chips barely fell below its 200-day simple moving average (SMA) in April and May. That’s a potential sign of relative strength when you consider that the Nasdaq-100 and Philadelphia Semiconductor Index were about 30 percent off their highs.
Second is the bullish gap from November 1. ON tested and successfully bounced at this zone around $51.33 in late January, late April and early May. That suggests new support has been established above the previous highs.
Third is the mid-May high around $59. Prices held that level last week. Has old resistance become new support at an even higher point?
Next, MACD has been steadily rising since the beginning of last month.
Finally, Bollinger band width is inching higher after tightening. That could mean prices are getting ready to expand again.
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Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. You Can Trade, Inc. is also a wholly owned subsidiary of TradeStation Group, Inc., operating under its own brand and trademarks. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: www.tradestation.com .
ON Semiconductor on the way to new Highs? Semiconductor industry group has been hit hard in the past few weeks. We might have seen the bottom.
I picked ON Semiconductor, because of strong fundamentals, and a break out above the .618 Fib.
On Semiconductor formed a nice Saucer Bottom, and flipped both the AVWAP form ATH and the .618 from Resistance to Support.
Furthermore, it held relatively strong throughout the brutal downturn, during the past weeks.
ON - semiconductor play - swingON - semiconductor play
closed at 61.14
Currently in consolidation stage but starting to make progress and moved above key pivot level with volume.
Strong growth quarter over quarter and increasing EPS with RS of 92
I think this is good swing entry for move towards 63.5 / 65.8 / 98.3 / 70.35 / 71.4 and new highs
$ON Key Levels, Analysis, & Targets $ON Key Levels, Analysis, & Targets
Looking for 21-27% depending on how many targets hit…
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If you’ve never traded my setups, try it on a small scale 1st.
Buy
1 share at 55
1 share at 45.84
2 shares at 41.86
4 shares at 33.97
(Basically just double position each level down)
Once you see it on a small scale you can scale in your multiplier (x10, x100 etc)
Looking for 21-27% depending on how it plays out.
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ON.NAS_Breakout CPR Trade_LongENTRY: 62.38
SL: 57.68
TP: 67.13
- ADX<20.
- Daily RS +ve
- Daily FFI +ve
- Weekly RS +ve
- Weekly FFI -ve
- Moving averages are aligned pointing upwards.
- Breakout from down trendline today with above average volume.
- Breakout from monthly and yearly CPR today with above average volume.
