ON Holding (ONON) Surges 3.42% on Two-Day 5.88% Rally as Bullish Technicals Signal Uptrend Amid Overbought Caution

On Holding (ONON) has surged 3.42% in the most recent session, extending a two-day rally with a cumulative gain of 5.88%. This momentum aligns with a bullish candlestick pattern, where the recent close near the session high suggests strong buying pressure. Key support levels are evident at the 41.51–41.76 range, coinciding with prior lows, while resistance is likely at the 43.30–43.44 zone, reflecting recent highs. A potential breakdown below 41.51 or a sustained break above 43.44 could signal a shift in trend.
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Candlestick Theory reveals a two-day bullish continuation pattern, with the latest session forming a strong white candlestick. The price action suggests buyers are dominating, though a failure to close above the 43.44 level could trigger consolidation.

Moving Average Theory indicates a mixed signal: the 50-day MA (calculated from the 2025-11-26 close at 43.19 and preceding data) is likely above the 200-day MA, confirming a long-term uptrend. However, the 100-day MA may be approaching the 43.00–43.50 range, creating a potential confluence zone for near-term support/resistance. The current price sits above the 50-day MA, reinforcing short-term bullish bias.
MACD & KDJ Indicators show the MACD line crossing above the signal line, signaling a bullish crossover. The KDJ (Stochastic) oscillator is approaching overbought territory (80), with the fast %K line near 75–80, suggesting a potential pullback. Divergence between the MACD and KDJ is minimal, indicating alignment in momentum.
Bollinger Bands reflect recent volatility expansion, with the price near the upper band. This suggests the rally may be overextended, increasing the likelihood of a retracement toward the 42.00–42.50 mid-band zone.
Volume-Price Relationship validates the recent rally: trading volume has increased sharply over the past two sessions (48.3M and 62.5M shares), supporting the upward move. However, if volume declines while the price remains above 43.00, it may indicate weakening conviction.
RSI is likely approaching overbought levels (>70), given the 5.88% two-day gain. This acts as a cautionary signal, though sustained buying could keep RSI elevated. A drop below 60 would suggest short-term exhaustion.
Fibonacci Retracement identifies key levels at 61.8% (around 42.00–42.50) and 50% (approximately 43.00–43.50). The current price near the 43.19 level aligns with the 50% retracement, acting as a critical psychological and technical threshold.
Confluence and Divergence: The bullish crossover in MACD and the price above the 50-day MA confluence to reinforce a short-term uptrend. However, the overbought RSI and KDJ suggest caution, with potential for a pullback to test the 42.00–42.50 zone. Divergence is minimal, but a sharp drop in volume or a bearish KDJ crossover could signal a reversal.
In summary, while the technical setup favors continuation of the rally, overbought indicators and Fibonacci levels suggest a high probability of consolidation or correction in the near term. Investors should monitor volume sustainability and key support/resistance zones for confirmation of trend strength.