ON Semiconductor – Reaction at 78.6% Fib, Decision Time at $49.7

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ON just reacted to a key 78.6% Fibonacci retracement from the April 2020 low to its all-time high.

After a make-or-break earnings on May 5, price has pushed into a major resistance zone at $49.75. Interestingly, analysts are averaging a price target of $47, slightly below current levels.

💡 Key Setup:

• 78.6% Fib retracement bounce (long-term move)
  
• Resistance: $49.75
  
• Average analyst target: $47
  

📅 Summer move will likely be decided in the next couple of weeks. Breakout or rejection? The chart is at a critical inflection point.

Drop your bias in the comments: 📈 or 📉?

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We have arrived at $49! Will be interesting to see how this weekly candle holds tomorrow.