ON HOLDING AG-CLASS A (NYSE:ONON) - A Technical Breakout Candidate Worth Watching

ON HOLDING AG-CLASS A (NYSE:ONON) has been identified as a potential breakout candidate by our technical screening process. The stock combines a solid technical foundation with a high-quality setup pattern, making it an interesting prospect for traders. Below, we break down the key factors supporting this view.

Technical Strength

• Technical Rating of 7: ONON scores well above average, indicating a healthy uptrend. The long-term trend remains positive, though the short-term trend has recently turned neutral.
• Strong Relative Strength: The stock has outperformed 85% of all stocks in the market over the past year and ranks in the top 21% of its industry (Textiles, Apparel & Luxury Goods).
• Support Levels: Multiple support zones exist between $51.47 and $52.25, providing a cushion against downside moves.
• Volume & Liquidity: Average daily volume of 5.2 million shares ensures good liquidity, reducing slippage risk.

Setup Quality

• Setup Rating of 9: This high score suggests a well-defined consolidation pattern, often a precursor to a breakout.
• Reduced Volatility: Recent price action has stabilized within a range ($50.75 - $56.81), signaling potential accumulation.
• Institutional Interest: Large players have shown increased activity, and a recent Pocket Pivot signal further supports bullish momentum.
• Clear Entry & Exit Levels: Resistance sits near $53.43, while support at $52.25 offers a logical stop-loss level.

For a deeper dive into the technicals, review the full technical report.

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Disclaimer

This is not investment advice. Always conduct your own analysis and consider risk management before trading.