On Holding AG
Here’s whether On Holding AG (ONON) is worth buying in 2026 — based on weekly-updated price trend, RSI momentum, and return vs. the S&P 500. Our current read: Bearish.
Concerns: trading below the 200-day MA (long-term downtrend); below the 50-day MA (medium-term momentum negative); 50-day MA is falling (-3.52% over 10 days); RSI 24 — oversold; weak 1-year return of -32.7%; 3-month momentum negative (-24.6%); rising volume on a downtrend (distribution, 1.90x avg). Currently 41.2% off its 52-week high. Score: -7/7.
ONON is trading below its 200-day MA ($40.07) — a key warning sign the longer-term trend is under pressure. An RSI of 24.1 has dropped into oversold territory, which has historically preceded short-term bounces. The 1-year return of -32.7% compares to +20.5% for SPY (trailed the market by 53.1%). The current 41.2% drawdown from the 52-week high reflects elevated risk for momentum-based strategies.