ONON Jumps 18%, Testing Resistance Near $45
$On Holding AG(ONON)$
$41.51 (+17.99%) — Gap-Up Reversal Attempt: Bears Caught Off-Guard, Eyes $43–$45 Retest
On Holding closed at $41.51, surging +17.99% after a major upside gap triggered by earnings.
Despite still being –24.21% YTD, today’s action delivered the strongest single-day momentum since May.
Volume spiked to 48.4M (well above average 5.9M), confirming aggressive accumulation.
The move sharply reversed a multi-week downtrend and reclaimed both the 20-EMA ($38.66) and 50-EMA ($41.39) in one candle—its first decisive break above trend since August.
Technicals & 1-week view
ONON has been trapped in a persistent down-channel for months, but today’s gap-up and strong close above the 20- and 50-EMA signals a potential trend shift.
Price held intraday gains smoothly, showing strong dip-buying.
MACD shows a bullish inflection: histogram flips positive with MACD line curling upward (0.09 vs signal –1.70), suggesting momentum could build if follow-through appears this week.
RSI jumps to 57.33, exiting oversold territory and entering neutral-bullish momentum—yet not overbought, giving room for continuation.
Key levels: Immediate resistance sits at $45.35 near the prior supply zone. A clean daily close above $45 opens the path to a larger recovery toward $48–$50. Initial support lies at $40.00, then $38.00 (20-EMA cluster). Losing $38 would invalidate the breakout attempt. Pattern note: A capitulation low formed last week with long-lower-wicks, now followed by a gap-up reversal—typical structure for trend exhaustion and early stage basing patterns.
Valuation & forecast
ONON trades at a forward-looking growth multiple, with a TTM P/E of 79.83—high but typical for premium athletic / consumer cyclical growth brands. Revenue momentum remains strong, and the market reacted positively to guidance stability.
Target: Base case sees $43–$45 retest if buyers defend $40. Momentum continuation upside stretches to $48–$50 on expanding consumer demand and regained trend structure.
Downside case is $38–$36 if earnings momentum fades or if the gap is filled. Street 1-yr target sits at $62.15, reflecting long-term premium-brand expectations.
Risk & disclaimer
ONON is a high-beta consumer brand with volatility tied to discretionary demand, FX exposure, supply chain noise, and sentiment toward high-valuation growth stocks.
Sharp earnings-reaction gaps can retrace quickly. Technical commentary only, based on today’s TradingView & Yahoo Finance data—not investment advice.
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