“Oversold Into Earnings: Rivian’s Bounce Setup And 3 More Charts”
ONTO's $1.1 billion backlog; profit conversion is open. Weekly chart hasn't topped June peak; new highs need attempts, next downtrend break 50/50. It is bouncing off an uptrend line. If support breaks, 250 is strong; 256.41 and 247.30 below. A drop there likely rebounds; a fourth/third try may break the downtrend line.
Now, we move on to ONTO, which is ONTO Innovation. ONTO has a huge backlog of orders. As you can see here, ONTO has a backlog of orders worth $1.1 billion in the field of electronic technology. Can they turn that into a profit?
Looking at the weekly timeframe, we find that we have not yet reached our highest levels, and we recorded a weekly peak in June . Since June, the price has not risen above this level .
This does not mean that we cannot rise again , but this weekly tail of the peak illustrates how much it affects the chart, as new record levels are difficult to achieve except after several attempts.