ON Semiconductor - betting on corrective UT rally

BATS:ON   ON Semiconductor Corporation
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.

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