The Hanover Insurance Group Inc Stock Forecast
Stronger technical forecast for The Hanover Insurance Group Inc stock price after Friday trading.
(Updated on May 10, 2024)
The The Hanover Insurance Group Inc stock price fell by -0.331% on the last day (Friday, 10th May 2024) from $135.87 to $135.42. During the last trading day the stock fluctuated 0.766% from a day low at $135.13 to a day high of $136.17. The price has risen in 7 of the last 10 days and is up by 4.5% over the past 2 weeks. Volume has increased on the last day by 379 shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 101 thousand shares were bought and sold for approximately $13.70 million.
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 $135.85 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect The Hanover Insurance Group Inc stock with a 90% probability to be traded between $124.80 and $134.87 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. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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THG Signals & Forecast
The The Hanover Insurance Group Inc 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 $134.42 and $131.59. 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 Thursday, May 09, 2024, and so far it has fallen -0.331%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
A sell signal from a double top formation was found on Thursday, May 09, 2024 and based on theory for this formation the price should fall by -11.71% to $119.57 within 29 trading days since signal was issued (Monday, May 13, 2024).
Support, Risk & Stop-loss for The Hanover Insurance Group Inc stock
The Hanover Insurance Group Inc finds support from accumulated volume at $131.15 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $1.04 (0.766%) between high and low. For the last week, the stock has had daily average volatility of 1.22%.
Our recommended stop-loss: $131.40 (-2.97%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (THG) For The Upcoming Trading Day Of Monday 13th
For the upcoming trading day on Monday, 13th we expect The Hanover Insurance Group Inc to open at $135.57, and during the day (based on 14 day Average True Range), to move between $132.87 and $137.97, which gives a possible trading interval of +/-$2.55 (+/-1.89%) up or down from last closing price. If The Hanover Insurance Group Inc takes out the full calculated possible swing range there will be an estimated 3.77% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $135.54 (0.09%) than the support at $131.15 (3.15%), 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 The Hanover Insurance Group Inc 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 The Hanover Insurance Group Inc stock to perform well in the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 1.856 Buy Candidate Upgraded
Predicted Opening Price for The Hanover Insurance Group Inc of Monday, May 13, 2024
| Fair opening price May 13, 2024 | Current price |
|---|---|
| $135.57 ( 0.112%) | $135.42 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for THG
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 136.61 | 0.88 % | |
| R2 | 136.21 | 0.584 % | ||
| R1 | 135.97 | 0.404 % | ||
| Current price: | 135.42 | |||
| Support | S1 | 135.18 | -0.180 % | |
| S2 | 134.93 | -0.360 % | ||
| S3 | 134.54 | -0.652 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 136.17 | 0.554 % | |
| R2 | 135.73 | 0.229 % | ||
| R1 | 135.54 | 0.0886 % | ||
| Current price | 135.42 | |||
| Support | S1 | 131.15 | -3.15% | |
| S2 | 130.68 | -3.50% | ||
| S3 | 126.31 | -6.73% |
THG Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 26, 2024 | Mar 14, 2024 | Mar 29, 2024 | $0.85 | 0.624% |
| 2 | Dec 04, 2023 | Dec 14, 2023 | Dec 29, 2023 | $0.85 | 0.700% |
| 3 | Sep 05, 2023 | Sep 14, 2023 | Sep 29, 2023 | $0.81 | 0.730% |
| 4 | Jun 06, 2023 | Jun 15, 2023 | Jun 30, 2023 | $0.81 | 0.717% |
| 5 | Feb 27, 2023 | Mar 14, 2023 | Mar 31, 2023 | $0.81 | 0.630% |
FAQ
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