When it comes to running shoes Hoka, ON, Adidas, and Nike always come to mind. However, with looming growth pains on trying to maintain control over the struggling footwear and athletic apparel industry.
ONON
seems to be a strong outlier in an extremely competitive market. This is my strategy:
Using Bollinger Bands and Fibonacci Retracement, we see a slight reduction in trade volume and volatility as the price drops below the SMA and nears the lower band. The price is currently $37.31. We can expect it to reach a price target of $38.43 (test strategy here) before retracement or reversal, as the shares may be near overbought status.
This will give us $1.12 profit per share.
Buy between: $37.27 to $37.91
Hold for the price to cross $38.29 for uptrend confirmation.