On Holding AG

ONON remains in a Stage 4 decline with a medium-term bearish bias reinforced by active lower highs and lower lows and downward-sloping EMAs. Short-term momentum has recovered above key EMAs, making immediate selling less favorable, so we will defer execution and look to trim into rallies near the 9EMA/21EMA and 50DMA resistance zone.

• ↑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.