$ONON Holding The Uptrend?

I have been long ONON for about 2 weeks and have averaged in with a cost basis of 29.20 so I am currently underwater, but it has not hit my stop. If it stays above my stop, I will continue with the trade. I have a ¾ sized position and will look to add to a full position once I am at least $1 over my average price.

I am posting this idea today because I have reevaluated the position with the idea that I might close it. But as I do so, I still like what I see. The only negative on the chart is it is below a declining 40-week MA. However, on the positive side It is clearly in an uptrend (I almost got shaken out yesterday). It is above the now rising 50 DMA and is above the IPO AVWAP which means that by volume and price most buyers are in the money. There is still an overhead supply that could keep the progress slow for a while.

Were I a new buyer here I would look at yesterday’s candle as being a reversal and today’s candle as confirmation.

Ideas, not investing / trading advice. Comments always welcome. Thanks for looking.

Trade closed manually:

ONON is not performing how I want. It has dropped below the up trendline, it is a weak market overall today and we have the Fed on deck. No need to risk more. Sold for a 6% loss. More than I like but I wanted to give this room. Back on the watchlist.