On Holding (ONON) Could Find a Support Soon, Here's Why You Should Buy the Stock Now

Core Viewpoint - On Holding (ONON) has experienced a downtrend recently, losing 6.2% over the past week, but a hammer chart pattern suggests a potential trend reversal as buying interest may be emerging to counteract selling pressure [1][2]. Technical Analysis - The hammer chart pattern indicates a possible bottoming out, where the stock opens lower, makes a new low, but then finds support and closes near its opening price, suggesting that bears may be losing control [3][4]. - Hammer candles can appear on various timeframes and are utilized by both short-term and long-term investors, indicating a potential shift in market sentiment [4]. Fundamental Analysis - Recent upward revisions in earnings estimates for ONON serve as a bullish indicator, correlating strongly with near-term stock price movements [6]. - Over the last 30 days, the consensus EPS estimate for ONON has increased by 1.4%, indicating that analysts expect better earnings than previously predicted [7]. - ONON holds a Zacks Rank of 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks, which historically outperform the market [8].