Hennessy Advisors Stock Forecast
Hennessy Advisors stock upgraded from Sell Candidate to Buy Candidate after Thursday trading session.
(Updated on Apr 18, 2024)
The Hennessy Advisors stock price gained 2.10% on the last trading day (Thursday, 18th Apr 2024), rising from $6.92 to $7.06. During the last trading day the stock fluctuated 3.82% from a day low at $6.80 to a day high of $7.06. The price has been going up and down for this period, and there has been a 0.86% gain for the last 2 weeks. Volume fell on the last day by -5 thousand shares and in total, 3 thousand shares were bought and sold for approximately $19.92 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stockis at the upper part of a horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $7.14 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect Hennessy Advisors stock with a 90% probability to be traded between $6.60 and $7.20 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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HNNA Signals & Forecast
The Hennessy Advisors stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $7.05 and $6.85. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Friday, April 12, 2024, and so far it has fallen -1.12%. Further fall is indicated until a new bottom pivot has been found. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. 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 $6.75 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 $0.260 between high and low, or 3.82%. For the last week the stock has had daily average volatility of 1.79%
Our recommended stop-loss: $6.80 (-3.64%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 4 days ago.)
Trading Expectations (HNNA) For The Upcoming Trading Day Of Friday 19th
For the upcoming trading day on Friday, 19th we expect Hennessy Advisors to open at $6.97, and during the day (based on 14 day Average True Range), to move between $6.92 and $7.20, which gives a possible trading interval of +/-$0.138 (+/-1.96%) up or down from last closing price. If Hennessy Advisors takes out the full calculated possible swing range there will be an estimated 3.91% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $7.07 (0.14%) than the support at $6.75 (4.39%), 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?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Hennessy Advisors stock to perform well in the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 2.058 Buy Candidate Upgraded
Predicted Opening Price for Hennessy Advisors of Friday, April 19, 2024
| Fair opening price April 19, 2024 | Current price |
|---|---|
| $6.97 ( 1.23%) | $7.06 |
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 | 7.23 | 2.46 % | |
| R2 | 7.13 | 1.05 % | ||
| R1 | 7.07 | 0.179 % | ||
| Current price: | 7.06 | |||
| Support | S1 | 6.87 | -2.63 % | |
| S2 | 6.81 | -3.50 % | ||
| S3 | 6.71 | -4.91 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 7.22 | 2.27 % | |
| R2 | 7.10 | 0.567 % | ||
| R1 | 7.07 | 0.142 % | ||
| Current price | 7.06 | |||
| Support | S1 | 6.75 | -4.39% | |
| S2 | 6.70 | -5.10% | ||
| S3 | 6.60 | -6.52% |
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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