Hennessy Advisors Stock Forecast
Red day on Wednesday for Hennessy Advisors
(Updated on Apr 24, 2024)
The Hennessy Advisors stock price fell by -1.32% on the last day (Wednesday, 24th Apr 2024) from $6.80 to $6.71. During the last trading day the stock fluctuated 1.04% from a day low at $6.71 to a day high of $6.78. The price has fallen in 7 of the last 10 days and is down by -6.01% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -12 thousand shares and in total, 3 thousand shares were bought and sold for approximately $17.73 thousand.
The stock lies in the lower part of a weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $6.63 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 2.30% during the next 3 months and, with a 90% probability hold a price between $6.78 and $7.33 at the end of this 3-month period.
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HNNA Signals & Forecast
There are few to no technical positive signals at the moment. The Hennessy Advisors stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $6.91 and $6.87. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, April 12, 2024, and so far it has fallen -6.02%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Hennessy Advisors stock
Hennessy Advisors finds support from accumulated volume at $6.70 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the stock During the last day, the stock moved $0.0700 between high and low, or 1.04%. For the last week the stock has had daily average volatility of 1.91%
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (HNNA) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect Hennessy Advisors to open at $6.73, and during the day (based on 14 day Average True Range), to move between $6.55 and $6.87, which gives a possible trading interval of +/-$0.160 (+/-2.39%) up or down from last closing price. If Hennessy Advisors takes out the full calculated possible swing range there will be an estimated 4.77% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $6.72 (0.15%) than the support at $6.70 (0.15%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Hennessy Advisors stock A Buy?
The Hennessy Advisors stock holds several negative signals and despite the positive trend, we believe Hennessy Advisors will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -1.674 Sell Candidate Unchanged
Predicted Opening Price for Hennessy Advisors of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| $6.73 ( 0.348%) | $6.71 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for HNNA
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 6.80 | 1.39 % | |
| R2 | 6.78 | 0.99 % | ||
| R1 | 6.76 | 0.746 % | ||
| Current price: | 6.71 | |||
| Support | S1 | 6.71 | -0.0508 % | |
| S2 | 6.69 | -0.297 % | ||
| S3 | 6.66 | -0.695 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 6.80 | 1.34 % | |
| R2 | 6.75 | 0.596 % | ||
| R1 | 6.72 | 0.149 % | ||
| Current price | 6.71 | |||
| Support | S1 | 6.70 | -0.149% | |
| S2 | 6.66 | -0.745% | ||
| S3 | 6.60 | -1.64% |
HNNA Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 16, 2024 | Feb 16, 2024 | Mar 04, 2024 | $0.138 | 2.04% |
| 2 | Oct 26, 2023 | Nov 10, 2023 | Nov 27, 2023 | $0.140 | 2.18% |
| 3 | Nov 09, 2023 | Nov 09, 2023 | Nov 09, 2023 | $0 | 0% |
| 4 | Aug 02, 2023 | Aug 22, 2023 | Sep 06, 2023 | $0.138 | 2.05% |
| 5 | May 10, 2023 | May 22, 2023 | Sep 06, 2023 | $0.138 | 2.06% |
FAQ
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