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On Holding (ONON) Recently Broke Out Above the 50-Day Moving Average
From a technical perspective, On Holding (ONON - Free Report) is looking like an interesting pick, as it just reached a key level of support. ONON recently overtook the 50-day moving average, and this suggests a short-term bullish trend.
The 50-day simple moving average is one of three major moving averages used by traders and analysts to determine support or resistance levels for a wide range of securities. But the 50-day is considered to be more important because it's the first marker of an up or down trend.
Over the past four weeks, ONON has gained 7.3%. The company is currently ranked a Zacks Rank #1 (Strong Buy), another strong indication the stock could move even higher.
The bullish case only gets stronger once investors take into account ONON's positive earnings estimate revisions. There have been 2 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Investors should think about putting ONON on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.