ON Semiconductor CorporationUpdated ON Semiconductor – Reaction at 78.6% Fib, Decision Time at $49.7
ON just reacted to a key 78.6% Fibonacci retracement from the April 2020 low to its all-time high.After a make-or-break earnings on May 5, price has pushed into a major resistance zone at $49.75. Interestingly, analysts are averaging a price target of $47, slightly below current levels.
💡 Key Setup:
- 78.6% Fib retracement bounce (long-term move)
- Resistance: $49.75
- Average analyst target: $47
📅 Summer move will likely be decided in the next couple of weeks. Breakout or rejection? The chart is at a critical inflection point.
Drop your bias in the comments: 📈 or 📉?
Trade active
We have arrived at $49! Will be interesting to see how this weekly candle holds tomorrow.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.