Check out this Power Earnings Move from $ONON! – March 21, 2023
This is Scott with your Chart of the Day. I want to take a look at ONON ( NYSE: ONON ). This is a shoe company, and evidently, they have really good earnings. You can see that today from the chart. We had a gap up above all of these major moving averages on a massive pickup in volume.
Look at this, this is the most amount of volume that this stock has traded ever. And so this is definitely something that has my attention. Now, you could say, well, you should have bought it before earnings. But that is always a gamble, it can always go the other way, even in a good market, by the way.
The market likes this earnings report. And one thing that catches my eye is the fact that it didn’t sell off. Now, of course, it was a bit of a strong day in the market, it has been the last couple of days. But I want to see ONON ( NYSE: ONON ) hold this gap, hold this 25.45 level. It may kind of meander here for a couple of days, but that would be fine.
But I would like to see it at least hold above this level, and then break higher. If I zoom out here you can see the weekly chart is juicy, it looks really nice. A weekly higher high and of course, that massive volume.
So if this trend does continue, and I don’t think it going to go there in a straight line, but if it does, I would look for this to maybe even test this previous high zone from December-November, of 2021. That is a pretty good swing trade up there. That is about a 60 percent move, I call that a year maker.
So this is definitely one that is on my radar, specifically, because it had earnings. The market liked the earnings, and it held the gap. We want to make sure it holds that gap and, potentially, breaks out and makes a new high. That is one thing that I will be watching right now here with ONON ( NYSE: ONON ).
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