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

By James Quinn

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. Today's price range of $19.25 and $19.48 is within yesterday'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 share prices have moved between a 52-week high of $27.10 and a 52-week low of $14.55 and are now trading 33% above that low price at $19.40 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has remained constant.

On Semiconductor has overhead space with shares priced $19.40, or 26.5% below the average consensus analyst price target of $26.39. On Semiconductor shares should encounter resistance at the 200-day moving average (MA) of $20.05 and support at the 50-day MA of $18.40.

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 is monitoring the recent change of momentum in On Semiconductor. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of On Semiconductor in search of a potential trend change.

Keywords: bearish inside day candle ON Semiconductor

Ticker(s): ON