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Watch for On Semiconductor to Potentially Pullback After Gaining 1.25% Yesterday

By Nick Russo

On Semiconductor (NASDAQ:ON) traded in a range yesterday that spanned from a low of $19.27 to a high of $19.75. Yesterday, the shares gained 1.2%, which took the trading range above the 3-day high of $19.61 on volume of 1.7 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

Over the past year, On Semiconductor has traded in a range of $8.11 to $27.10 and is now at $19.50, 140% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 0.8%.

SmarTrend recommended that its subscribers protect gains by selling shares of On Semiconductor on July 31st, 2018 by issuing a Downtrend alert when the shares were trading at $22.35. Since that call, shares of On Semiconductor have fallen 13.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: rebounders ON Semiconductor

Ticker(s): ON