On Holding Tries to Reclaim the 50-day SMA

NYSE:ONON   On Holding AG
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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