ON Holding AG (ONON) – Breakout Watch

Here’s a detailed TradingView idea description for this chart:

ON Holding AG (ONON) – Breakout Watch
Timeframe: 1D (Daily Chart)
Analysis:
ONON is displaying a strong breakout setup after consolidating in a well-defined range between $53.40 (support) and $60.12 (resistance) for several weeks.

Key observations:

Price Action:

The stock is attempting to break out of the consolidation range, trading near the upper resistance zone at $58.82.
A strong bullish candle with increasing volume indicates potential breakout momentum.
Moving Averages:

The stock is trading above the 20-day EMA (blue) and 50-day SMA (red), confirming an uptrend.
Both moving averages are sloping upward, supporting bullish sentiment.
Volume:

The breakout is accompanied by rising volume, signaling strong buyer interest.
Targets:

If the breakout sustains above $60.12, the next resistance zones could be around $64 and $68.
A failed breakout could pull the stock back to retest $53.40.
Trade Plan:
Entry:

Breakout Confirmation: Enter above $60.50 with strong volume.
Retest Entry: If price pulls back to $57.50-$58.00 on low volume, it may offer a better risk-reward entry.
Stop Loss:

Below $56.50, just under recent consolidation lows.
Targets:

Target 1: $64.00
Target 2: $68.00
Risk-Reward:

Maintain at least a 1:2 risk-to-reward ratio.
Bullish Bias:
ONON is showing strong momentum and a potential for a breakout to higher levels. Keep an eye on volume and overall market conditions to confirm the move.