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Possible Bearish Inside Day Candle Pattern Detected for On Semiconductor (NASDAQ:ON)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in On Semiconductor (NASDAQ:ON) based on the price action in the company's shares. Yesterday's price range of $18.64 and $18.92 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of On Semiconductor may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

On Semiconductor (NASDAQ:ON) has potential upside of 40.1% based on a current price of $18.83 and analysts' consensus price target of $26.39. The stock should find initial resistance at its 200-day moving average (MA) of $19.57 and further resistance at its 50-day MA of $21.01.

In the past 52 weeks, shares of On Semiconductor have traded between a low of $14.55 and a high of $27.10 and closed yesterday at $18.83, which is 29% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 0.9%.

ON Semiconductor Corporation supplies analog, standard logic, and discrete semiconductors for data and power management. The Company's products include integrated circuits, and analog ICs. ON also offers discrete semiconductors in a variety of surface mount and standard packages.

SmarTrend recommended that its subscribers protect gains by selling shares of On Semiconductor on May 13th, 2019 by issuing a Downtrend alert when the shares were trading at $19.85. Since that call, shares of On Semiconductor have fallen 4.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle ON Semiconductor

Ticker(s): ON