ONON Trading Analysis - 10/28/2026 10:19 AM — TRU-SENTIMENT

News Headlines & Context

Recent broader context for On Holding AG (ONON) based on general knowledge:

• On Holding continued international expansion of its premium running and lifestyle footwear, with strong demand in Asia-Pacific and North America observed through 2026.
• The company has been highlighted in athletic apparel trade press for Olympic and marathon athlete endorsements boosting brand visibility.
• No confirmed near-term earnings date was identified in provided data; fiscal year end was 2025-12-01 per fundamentals.
• Macro headlines around elevated beta (1.96) suggest ONON remains sensitive to broad equity volatility and consumer discretionary spending shifts.
• Context: Options sentiment is bullish while technicals show no clear direction, which may reflect anticipatory positioning rather than confirmed fundamental catalyst.

Fundamental Analysis

Based strictly on the provided FUNDAMENTALS data for ONON:

• Trailing P/E is 22.90 with trailing EPS of 1.45; forward P/E, PEG ratio, and forward EPS are null (not available).
• Market cap is 10,802,163,015.00 with shares outstanding of 334,215,000.00.
• Dividend yield is 0.00; no dividend rate or ex-dividend date provided.
• Beta is 1.96 indicating above-market volatility relative to the S&P 500.
• 52-week high is 51.08 and 52-week low is 26.37 (current price 32.35 sits in lower-middle of range).
• Institutional ownership is 32.61% (relatively low versus large-cap peers).
• Average volume is 9,682,000.00; historical volatility is 37.18%.
• Revenue growth, margins (gross/operating/net), ROE, debt/equity, and free cash flow are null; cannot be assessed.
• Analyst consensus and target mean price are null; no street projection available.
• Fundamentals show modest valuation (P/E 22.90) but lack margin/return data; technicals are mixed while options flow is bullish, creating divergence.

Current Market Position

Current price per indicators is 32.35 (2026-10-27 close). Minute bars show 2026-10-28 open at 32.26, high 32.33, low 32.08, last close 32.26 at 09:50.

Recent daily action: 2026-10-27 range 31.28 to 32.48, close 32.35 on volume 9,309,034 (above 20-day avg 7,192,444). From 2026-10-13 high 35.85 to 2026-10-23 low 32.40, price has drifted lower then stabilized near 32.35.

Intraday momentum: early 2026-10-28 bars show narrow range (32.02 to 32.33) with closing ticks rising from 32.09 to 32.26, mild upward bias.

Technical Analysis

• SMA alignment: 5D (33.26) below 20D (33.55) and both above 50D (30.61) — short-term weakness beneath mid-term, long-term uptrend intact.
• RSI 44.91 shows neutral-to-soft momentum, below 50 midline.
• MACD histogram +0.14 (0.69 minus 0.56) indicates mild bullish crossover but weak.
• Bollinger Bands: middle 33.55, upper 37.12, lower 29.98; price 32.35 is below middle, in lower half, no squeeze signal.
• 30-day range high 36.08, low 26.36; current 32.35 is ~31% above low, ~10% below high.

True Sentiment Analysis (Delta 40-60 Options)

Options flow via True Sentiment (Delta 40-60 only):

Call Volume: $32,332 (70.7%) Put Volume: $13,415 (29.3%) Total: $45,747

• Sentiment tagged Bullish with 129 call contracts vs 20 put contracts.
• Call trades 6, put trades 3; pure directional conviction skews call-heavy.
• Near-term expectation: directional players positioning for upside despite soft technicals.
• Divergence: options bullish while technicals show no clear direction (per spread engine: "Divergence detected").

Key Price Levels (observational only)