Skip to main content

Onex Corp., ONEX-T, (Wednesday’s close $87) declined from $101.61 in January, 2022, to $61.99 in July of the same year (A-B) below a falling trend line (dotted line) and below the falling 40-week Moving Average (40wMA). The stock then settled in a large horizontal trading range mostly between $61 and $75 (dashed lines). The recent rise above the top of this range signalled a breakout and the start of a new uptrend toward higher targets (C).

However, the recent rise from the bottom of the range through the top was quite sharp and brought the stock far above the 40wMA, producing an overbought condition. Onex had a minor correction toward $75 recently (D) and appears ready to resume the uptrend. A sustained rise above $86 would confirm it. There is good support near $80; only a sustained decline below $75 would be negative.

Open this photo in gallery:

stock

Monica Rizk is the senior technical analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart source: www.decisionplus.com

Report an editorial error

Report a technical issue

Editorial code of conduct

Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 07/11/24 0:44pm EST.

SymbolName% changeLast
ONEX-T
Onex Corp
+1.09%108.77

Follow related authors and topics

Authors and topics you follow will be added to your personal news feed in Following.

Interact with The Globe