Semiconductor Stock Could Continue to Test Key Resistance

Shares of ON Semiconductor Corp (NASDAQ:ON) are trading 1% lower at $92.75 this afternoon, extending its stay below the $100 threshold. The equity suffered a steep bear gap in late June, after news broke it would be purchasing Synaptics (SYNA) for $7 billion. ON remains 71% higher for 2026, however, with a bull signal indicating more gains could be on the way.

According to Schaeffer's Senior Quantitative Analyst Rocky White, ON Semiconductor stock is trading within 0.75 times the 100-day moving average's 20-day average true range (ATR), after spending at least 80% of the previous two weeks and 80% of the prior 42 trading sessions above that trendline.

This setup has appeared 16 times over the last decade, after which the stock was higher one month later 67% of the time, averaging a 7% gain. A shift of similar magnitude would put the security just below the $100 mark.

It's also worth noting, out of the 29 brokerages following ON, 17 are sporting a "hold" recommendation. This leaves plenty of room for bulls to move in, should this sentiment begin to unwind.

Lastly, ON sports an Schaeffer's Volatility Scorecards (SVS) reading of 92 out of 100. This suggests the stock has realized higher volatility than its options have priced in over the past 12 months.