Bull Signal Flashing For Struggling Footwear Name
Per Schaeffer's Senior Quantitative Analyst Rocky White, ONON has come within one standard deviation of the 80-day moving average after spending at least eight of the last 10 trading days and 80% of the past two months above it.
Eight other signals occurred over the past three years, after which the stock was higher one month later 75% of the time, averaging a 10.6% gain. A move of similar magnitude would push On Holding stock back above $55 for the first time since July 2.
Daily ONON Since July 2024 With 80-day moving average
Options traders have been extremely bearish, per the security's Schaeffer's put/call open interest ratio (SOIR) of 1.66, which stands in the 99th percentile of readings from the past 12 months. Should this bearish sentiment begin to unwind, it could provide further tailwinds.
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