These 2 Stocks Look Ready To Tumble Further

ON Semiconductor Corp. ON and Boeing Co. BA are two stocks that lost ground in Tuesday's session. Boeing is likely moving after Bernstein lifted its price target on the stock.

ON Semiconductors is moving after several analysts raised their price target on the stock. 

To read more about why these tickers are moving, click here.

ON Semiconductor Daily Chart Analysis

• ON Semiconductor shares look to have broken the higher low trendline and are heading lower.
• The stock is trading below the 50-day moving average (green), but above the 200-day moving average (blue). This indicates the stock is most likely trading in a period of consolidation.
• The 50-day moving average may hold as resistance and the 200-day moving average could hold as support in the future.

Key ON Semiconductor Levels To Watch

• The stock looks to have broken below the higher low trendline and may be due for a further push lower.
• The stock has been building higher lows on the daily chart since October 2020, before the stock fell below the trendline Friday, April 30.
• Typically when stocks fall below a higher low trendline, they see a further push down. The stock may have room to fall to the 200-day moving average before it could find support again.

Boeing Daily Chart Analysis

• Boeing shares looked to fall below a key level where it was trying to hold as support.
• The stock is trading below the 50-day moving average (green), but above the 200-day moving average (blue). This indicates the stock is most likely trading in a period of consolidation.
• The 50-day moving average may hold as resistance and the 200-day moving average could hold as support in the future.

Key Boeing Levels To Watch

• The $235 level is an area the stock struggled to cross until March 2021.
• The stock was able to cross above the $235 level in March and was able to bounce at this level, holding it as support.
• The stock was forming higher lows before breaking below the higher low trendline. Breaking below this trendline hints that the stock may be changing trends.
• The stock breaking support gives room for the price to fall back toward the 200-day moving average before possibly finding support again.

Boeing is the top holding in the Direxion Daily Aerospace & Defense Bull 3X Shares ETF DFEN.