On Holdings (ONON), the maker of OnCloud tennis shoes, is one of the hottest stocks in the market right now.
It went public in 2021, just in time to get hammered in the bull market.
But shares have come back with a vengeance.
ONON has already doubled this year – and while it's pulled back over the past few days – it's still very close to all-time highs.
Notice the textbook consolidation pattern of higher highs and lower lows bumping up against defined resistance.
This is healthy action and exactly what we expect from stocks under institutional accumulation.
We have a little time before this one reports earnings. The announcement is scheduled for a week from Tuesday on May 16th before market open. If I had a profit cushion of at least 10%, I'd probably hold this one through the report.
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