Semiconductor concern ON Semiconductor Corp (NASDAQ:ON) is underperforming on the charts, and now sits 6.6% lower in 2022. Though the shares have managed to bounce from their July 5, nine-month low of $44.76 to an Aug. 25 peak of $76.78, they've pulled back more than 11% over the last month. However, ON could soon stage a bounce above its former highs, as it’s now flashing a historically bullish signal.

Specifically, over the past three years, there were three other occasions where ON Semiconductor stock was within one standard deviation of its 80-day moving average after an extended stint above it, according to Schaeffer's Senior Quantitative Analyst Rocky White. One month after testing this trendline, the security was higher every time, and sported an average return of 23.7%. From its current perch of $63.31 would put the equity at a fresh record high near $78.30.

An unwinding of pessimism in the options pits could have bullish implications. This is per the security's Schaeffer's put/call open interest ratio (SOIR) of 1.27, which stands higher than 94% of annual reading. What's more, the 10-day put/call volume ratio of 1.45 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks in the 95th percentile of its annual range.