Nov. 14 at 3:33 AM
$ON is currently trading at
$48.13, with an RSI of 40.77 indicating it is approaching oversold territory, suggesting potential for upward movement. The current price is below both the 30-day moving average (MA30) of 50.36 and the 50-day moving average (MA50) of 50.05, indicating a bearish trend in the short to medium term. However, the price is above the 60-day low of 45.64, providing a support level.
Given this context, a directional bias leans towards a potential rebound. Suggested entry is at
$48.50, slightly above the last close to confirm upward momentum. Set a stop loss at
$45.50 to manage risk. For targets, consider
$51.00, aligning with resistance near the MA30, and
$52.50, which is close to the 60D high of 55.99, allowing for a favorable risk-reward ratio.
Monitor RSI for signs of recovery and price action for confirmation.
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