ON Semiconductor - betting on corrective UT rally
On Semi conductor's selling has been weakened since Nov 23 and the larger falling wedge is pointing towards a larger bullish reversal pattern. First the cup and handle is close to a completion and will confirm the pattern once it breaks above US$72.84 resistance.
Volume is low but is a potential sign of accumulation. Long-term MACD is close to a bottom crossover. Stochastic Oscillator is oversold. 23-period ROC shows bullish divergence.
Hence will consider buying at spot or wait for pullback at 65.13 support. Target is at 79.85 and 98.54.
Volume is low but is a potential sign of accumulation. Long-term MACD is close to a bottom crossover. Stochastic Oscillator is oversold. 23-period ROC shows bullish divergence.
Hence will consider buying at spot or wait for pullback at 65.13 support. Target is at 79.85 and 98.54.
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.