ONON Possible bullish break
Updated
I am currently watching Swiss shoe maker company called On Holding AG, ticker ONON. The price action of the stock is forming one of my favorite patterns, Cup with Handle.
Things to consider:
1. My first buy point is sitting just below current price level, at $33.67 price.
2. Once I enter this position, my stop loss will be set at $30.30 level, just below 50MA.
3. Additional buying for the stock will be done once the previous high is broken, sitting around $34.4-34.8 price level, which is acting as resistance at the moment.
4. Ultimate price goal for this stock would be the first high after IPO, price around $40, if price action is bullish and I see a healthy uptrend, I will surely continue holding this stock.
Of course, as always, this is my personal opinion. Please do your due diligence before investing.
Things to consider:
1. My first buy point is sitting just below current price level, at $33.67 price.
2. Once I enter this position, my stop loss will be set at $30.30 level, just below 50MA.
3. Additional buying for the stock will be done once the previous high is broken, sitting around $34.4-34.8 price level, which is acting as resistance at the moment.
4. Ultimate price goal for this stock would be the first high after IPO, price around $40, if price action is bullish and I see a healthy uptrend, I will surely continue holding this stock.
Of course, as always, this is my personal opinion. Please do your due diligence before investing.
Note
I am watching the last high level to break so I could add to my position. Price which I am looking is sitting at around $36.5-36.65 levels.Once the break occurs, I will move my first entry SL to $34 price level, that is where the second entry SL will also be placed. In this way, if the market goes against me and hits my SL levels, I will be in some small profits for this position.
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