On Holding AG

ONON is in a Stage 3 distribution phase, failing to sustain rallies and repeatedly rejected at the 9/21 EMAs under flattening intermediate structure. The medium-term bias is bearish on sustained sideways action beneath the 50 DMA and weakening relative strength. Short-term timing is neutral as price oscillates around EMAs, so selling is deferred until price retests structural resistance for optimal entry on the downside.

• ↑Net sales CHF 831.9m in Q1 2026 (+26.4% YoY).
• ↑Gross margin rose to 64.2% from 59.9% YoY.
• ↓Negative book-to-price factor implies potential overvaluation risk.