ON Semiconductor (ON)
By Tue, Oct 20, 2020
Hey there,
Today’s Chart of the Week comes to you from our 2 to 100 club.
We create a universe of stocks pulled from the strongest growth industries, that are climbing the market-cap ladder from small, to mid, to large — and ultimately reaching mega-cap status (over $200B).
We then filter that list by those names that are closest to 52-week highs, helping us identify technical breakouts in some of these top-performing stocks.
And today, one chart in particular has our attention: ON Semiconductor (ON).
With a $10B market cap and a beautiful, textbook, multi-year base, ON is ready to soar for a 50% gain.
We are LONG above $26.50.
Below $26.50, we’re out of this trade, but once it breaks that level, we are taking initial profits at $38.
ON has the potential to rise significantly higher than our initial profit target, but we are taking profits one step at a time.
Until next week, enjoy this 2-100 gem.
Til next week, good trading,
JC Parets
Sponsored Ad
5 Tiny Stocks!
I’ve found not one…Not two…Not three…But FIVE tiny stocks set to go “boooom!” And listen up — the last time I pounded the table about a bunch of micro-caps (back in March), those stocks skyrocketed. Could these FIVE tiny stocks change YOUR financial future?
Click here to find out…
(By clicking you agree to receive email updates and special offers from Daily Profit Publishing)
About the Author
JC Parets, founder of All Star Charts, specializes in finding the most opportunistic risk vs. reward propositions while at the same time bringing a top/down approach to the marketplace whose wide spectrum is rivaled by few. JC begins with a long-term global macro perspective and then works his way down to the individual sector and industry level before ultimately isolating the stocks that best portray a particular thesis. Price is the most important technical indicator, but JC uses supplements such as Momentum, Relative Strength, and Fibonacci analysis to complete the process.
