On Holding Tries to Reclaim the 50-day SMA
Swiss sneaker company On Holding went public in mid-September for $24. It peaked near $56 in mid-November following a strong quarterly result and has now pulled back.
The first pattern on today’s chart is the 50-day simple moving average (SMA). ONON broke under that line in on December 13 as the retail sector crashed. But it’s chopped sideways since and yesterday closed back above it.
In the process it managed to reclaim its 8-day exponential moving average (EMA).
Next, ONON’s recent turn occurred near the bottom of the Keltner Channel. Price has also held $34.50, the low of its first trading session.
Third, stochastics are trying to climb back from oversold territory.
Finally, the pullback from the November highs represents a potential ABC correction pattern.
The fundamentals could also interest some investors after management cited “hyper-growth” and “significant pricing power” on its last quarterly call.
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This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
The first pattern on today’s chart is the 50-day simple moving average (SMA). ONON broke under that line in on December 13 as the retail sector crashed. But it’s chopped sideways since and yesterday closed back above it.
In the process it managed to reclaim its 8-day exponential moving average (EMA).
Next, ONON’s recent turn occurred near the bottom of the Keltner Channel. Price has also held $34.50, the low of its first trading session.
Third, stochastics are trying to climb back from oversold territory.
Finally, the pullback from the November highs represents a potential ABC correction pattern.
The fundamentals could also interest some investors after management cited “hyper-growth” and “significant pricing power” on its last quarterly call.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradingView is not affiliated with TradeStation Securities Inc. or its affiliates. TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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