🔍 Chart Setup & Trend
Timeframe: Daily chart
Trend: After a prolonged downtrend,
ON appears to be forming a base and attempting a short-term reversal.
It is testing resistance around $57, and a breakout could trigger bullish continuation.
Price is approaching the 50-day EMA, which is a key level to watch for confirmation.
📊 Key Indicators
RSI: ~52
↳ Neutral, but trending upward. Room to grow before hitting overbought levels.
MACD: Bullish crossover just occurred
↳ Momentum is shifting in favor of the bulls.
Volume: Modest uptick on green days—sign of early accumulation.
🔧 Support & Resistance
Immediate support: $54.80 (recent swing low)
Resistance 1: $57.00 (current test level)
Resistance 2: $60.00
12% Target Price: $63.40
🎯 Trade Plan (Short-Term Swing)
Entry Zone: $56.60–$57.10 (on confirmed breakout)
Price Target (12% gain): $63.40
Stop-loss: $53.90 (below recent low and EMA20)
Risk/Reward Ratio: ~1:2 or better depending on entry
Timeframe: Daily chart
Trend: After a prolonged downtrend,
ON appears to be forming a base and attempting a short-term reversal.It is testing resistance around $57, and a breakout could trigger bullish continuation.
Price is approaching the 50-day EMA, which is a key level to watch for confirmation.
📊 Key Indicators
RSI: ~52
↳ Neutral, but trending upward. Room to grow before hitting overbought levels.
MACD: Bullish crossover just occurred
↳ Momentum is shifting in favor of the bulls.
Volume: Modest uptick on green days—sign of early accumulation.
🔧 Support & Resistance
Immediate support: $54.80 (recent swing low)
Resistance 1: $57.00 (current test level)
Resistance 2: $60.00
12% Target Price: $63.40
🎯 Trade Plan (Short-Term Swing)
Entry Zone: $56.60–$57.10 (on confirmed breakout)
Price Target (12% gain): $63.40
Stop-loss: $53.90 (below recent low and EMA20)
Risk/Reward Ratio: ~1:2 or better depending on entry
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.