ON semi watch $40.11/28: Major Fibs in tight confluence may Dip

24 apr

ON is recovering well along with the sector in general.
About to test a tight confluence of Genesis and Covid fibs.
Expect a Dip upon first tap, or else look for a Break-n-Retest.

$40.11-40.28 is the exact zone of interest.

28 apr

Trade attivo

Resistance be Resisting!

(yellow shaded part is from posting time).

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Zoom in (m1) and add a fib to the dip:

Gives us a target of $38.64 for this dip.
See if we get there first, or break resistance first.

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11 mag

Trade chiuso: obiettivo raggiunto

Closed shorts and went long after Earnings

(yellow shaded area is from posting time)

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Closer look with some notes:

We are getting CLEAN PINGS on the Covid fibs (dashed).
Last two turns were NEAR MISSES, but still valid.
So we can continue to watch the dashed fibs for turns.

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What next?

Assuming non-fib entry and early TP's
1st TP at $43.19, 2nd at $44.07
Let's see if we can get there.

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