Technical Analysis: ON Semi’s Breakout and Pullback

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ON Semiconductor is one of the few chip stocks to hit new highs this summer. It then pulled back along with the rest of the market, and is now bouncing.

The first pattern on today’s chart is the falling trendline along the peaks of January, March and June. ON broke that resistance in early August and is …

For more, please click here to view the related idea and chart analysis on TradingView.

ON Semiconductor (ON), daily chart with selected patterns and indicators, courtesy of TradingView.
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David Russell is VP of Market Intelligence at TradeStation Group. Drawing on two decades of experience as a financial journalist and analyst, his background includes equities, emerging markets, fixed-income and derivatives. He previously worked at Bloomberg News, CNBC and E*TRADE Financial. Russell systematically reviews countless global financial headlines and indicators in search of broad tradable trends that present opportunities repeatedly over time. Customers can expect him to keep them appraised of sector leadership, relative strength and the big stories – especially those overlooked by other commentators. He’s also a big fan of generating leverage with options to limit capital at risk.