Appreciate you listing your thoughts, that’s what makes this board interesting for me, is a discussion of perspectives. Thought I would try to add some other perspective to one of your picks, ONON. Goal here is to hopefully gain more from others. I’m choosing to make a new thread so as to not clog your original thread with tangents. This is NOT an endorsement nor recommendation. It’s a discussion, but with full disclosure, I am likely taking a position. Although, limited and potentially short-lived.
You posted:
So, looking at it further and outside of IBD:
So, as you can see, it was in a short declining channel but has clearly broken out and above. Good sign. I threw a variety of indicators on the chart for discussion (not what I usually do). PPO is rising with good upward movement without divergence. The RSI is interesting in that it is attempting to break above 60ish, which has been a sign for it in the past. It has had solid uptrending when above an RSI of 60 previously. It is also in a squeeze.
The candles are interesting. Most recently, it had a very long-legged “Doji” (wouldn’t really call it a doji with these wicks) but note that it actually closed above the open, after an initial rise but serious Bear pressure, yet recovered significantly with a close above the open. The real negative is the low volume.
From a general view, the relative strength is overall good. There is stable accumulation. And while the industrial group is not strong nor strong relative to the S&P, ONON is strong in it’s group as well as strong in the S&P.
Earnings are not as strong nor impressive as I would like. Not sure what IBD says about this. Is it in the IBD 50??
For fun, throw
For kicks, am adding a weekly Heikin-Ashi graph, relative to the 7 and 21 ema’s.
I’ll see how it behaves tomorrow, but I find it very interesting longer term.
Any additions, thoughts, disagreement appreciated.
Lakedog
