$ON poised to fill the upside gap...
Updated
Update: 
ON +177% since the start of 2020. Signal comes back in line at 73.32 and fills the gap at 80.51. I would look at an upward retrace to the 0.5 (81.38) the same as an upside gap fill.
Given the depth of oversold on the 1D RSI in combination with an extremely high central tendency illustrated by the Pearson's R^2 of 0.94, a 'dead cat bounce' to the upside is not unreasonable to expect in the near term.
As long as price remains above the RET 1 (61.47) I believeON will retrace the 0.5 at 81.38 by the end of the year.
If price does not remain above the 61.47 level and further selling pressure is applied to the 'EV economy', a spill down to the 1.382 (46.26) is not out of the question.
130 day volume index flows (bottom indicator) remain constructive despite the recent sell off, implying a market willingness to absorb price at these levels.
Not financial advice. All stocks can go to zero.
ON +177% since the start of 2020. Signal comes back in line at 73.32 and fills the gap at 80.51. I would look at an upward retrace to the 0.5 (81.38) the same as an upside gap fill. Given the depth of oversold on the 1D RSI in combination with an extremely high central tendency illustrated by the Pearson's R^2 of 0.94, a 'dead cat bounce' to the upside is not unreasonable to expect in the near term.
As long as price remains above the RET 1 (61.47) I believe
ON will retrace the 0.5 at 81.38 by the end of the year. If price does not remain above the 61.47 level and further selling pressure is applied to the 'EV economy', a spill down to the 1.382 (46.26) is not out of the question.
130 day volume index flows (bottom indicator) remain constructive despite the recent sell off, implying a market willingness to absorb price at these levels.
Not financial advice. All stocks can go to zero.
Trade closed: target reached
Stated target was 81.38, price is currently sitting above 85. Target reached.
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