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.
Positives: RSI 35 — healthy momentum range. Concerns: trading below the 200-day MA (long-term downtrend); below the 50-day MA (medium-term momentum negative); 50-day MA is falling (-2.11% over 10 days); weak 1-year return of -27.1%; 3-month momentum negative (-13.5%); rising volume on a downtrend (distribution, 1.77x avg). Currently 36.9% off its 52-week high. Score: -5/7.
ONON is trading below its 200-day MA ($40.26) — a key warning sign the longer-term trend is under pressure. An RSI of 35.4 sits in the neutral zone — momentum is neither stretched nor exhausted. The 1-year return of -27.1% compares to +20.4% for SPY (trailed the market by 47.5%). The current 36.9% drawdown from the 52-week high reflects elevated risk for momentum-based strategies.