Dec. 6 at 2:04 AM
Actionable Trade Alert for
$ON:
Market Context:
$ON is currently trading at
$54.79, showing strength with an RSI of 67.56, indicating bullish momentum but nearing overbought territory. The stock is above its 30-day (MA30) and 50-day (MA50) moving averages, suggesting a bullish trend. The recent 60-day high of
$57.52 provides a potential resistance level.
Directional Bias: The bullish sentiment is supported by the price being significantly above the MA30 and MA50, indicating strong upward momentum. However, caution is warranted due to the RSI nearing overbought levels.
Trade Plan:
- Suggested Entry:
$54.79
- Stop Loss:
$52.46 (below recent support, approximately 4.25% risk)
- Take Profit Targets:
1. Target 1:
$56.00 (approx. 2.20% gain)
2. Target 2:
$57.00 (approx. 4.40% gain)
3. Target 3:
$64.00 (approx. 16.83% gain)
This plan offers a solid risk-reward ratio with potential for over 17% ROI on the third target.
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