- The price is currently trading at $83.52.
- The price is currently taking support from the ascending trendline after giving the breakdown of the $86.61.
On Semiconductor (ON) which is listed on NASDAQ is a semiconductor product manufacturing company. It engages in the sales of semiconductor products which are made by it. The organization is run through three segments: Power Solution Group (PGS), Advanced Solution Group (ASG), and Intelligent Sensing Group (ISG). It is a mid-cap company with a market capitalization of 36.041 Billion USD.
ON Semiconductor Corporation (ON) Stock Analysis
On the last trading day, the ON stock closed its intraday session at $83.52 with an increase of 0.88% in its price. The stock price was recorded trading with a volume of 10.63 Million in its last trading day.
Price Analysis of ON Stock in Daily Timeframe
The ON share price is in an uptrend with support of the an ascending trendline. Recently, the price formed gave the breakdown of the support level of $86.61 and fell to the ascending trendline. It almost gave the breakdown of the trendline also but somehow it managed to close itself above the trendline. Currently, the price is sustaining above the ascending trendline.
The 50-day EMA and 100-day EMA lines are above the price which shows bears dominance and overall control of the price. The EMA lines seem to be doing a bearish crossover, where the 50-day EMA (black) will intersect the 100-day EMA (red) from above. If this happens it will indicate the sellers can make the price fall in the upcoming trading session.
The Relative Strength Index is at 38.36 which is marked in bearish territory. However, the RSI line is pointing in the upward direction indicating signs of ongoing buying pressure.
The overall price action shows the ongoing uptrend has been interrupted by the sellers. The price after creating its all-time high of $111.35 the sellers made the price fall. It was seen falling in a lower high formation and has recently given the breakdown of the $83.52 support. The price is currently taking support from the ascending trendline.
If the price gives the breakdown of the ascending trendline it has a higher chance as the sellers are strongly influencing the price. It may then fall to its immediate support at $77.12 and for the continuation in the fall, it must close give the breakdown of this support. After which it may fall to its next support at $68.41.
As the buyers lose their control of the price. The only thing they can do is to make the price sustain above the ascending trendline and reclaim the $86.61 level. After which the price may reach its next resistance at $100.50.
Conclusion
The overall price sentiment is changing to bearish as the sellers are showing their strong presence by making the price fall. The price has also broken below the EMA lines which is a bearish sign. The RSI is also in a bearish territory. So continuation of the fall in price is expected if it gives the breakdown of the ascending trendline.
Technical levels
Resistance Levels: $86.61 and $100.50.
Support Levels: $77.12 and $68.41.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only. They do not provide financial, investment, or other advice. Investing or trading in crypto comes with a risk of financial loss.