Honda Motor Company Ltd Stock Forecast
Red day on Wednesday for Honda Motor Company Ltd
(Updated on May 08, 2024)
The Honda Motor Company Ltd stock price fell by -1.31% on the last day (Wednesday, 8th May 2024) from $34.33 to $33.88. During the last trading day the stock fluctuated 0.98% from a day low at $33.64 to a day high of $33.97. The price has been going up and down for this period, and there has been a -1.54% loss for the last 2 weeks. 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 -35 thousand shares and in total, 593 thousand shares were bought and sold for approximately $20.08 million.
The stock is at the lower part of a wide and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $33.56 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect Honda Motor Company Ltd stock with a 90% probability to be traded between $33.04 and $36.79 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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HMC Signals & Forecast
There are mixed signals in the stock today. The Honda Motor Company Ltd stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $34.28 and $35.62. A break-up above any of these levels will issue buy signals. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements. A buy signal was issued from a pivot bottom point on Thursday, April 25, 2024, and so far it has risen 0.684%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Honda Motor Company Ltd stock
Honda Motor Company Ltd finds support from accumulated volume at $33.85 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.330 between high and low, or 0.98%. For the last week, the stock has had daily average volatility of 0.97%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (HMC) For The Upcoming Trading Day Of Thursday 9th
For the upcoming trading day on Thursday, 9th we expect Honda Motor Company Ltd to open at $33.83, and during the day (based on 14 day Average True Range), to move between $33.37 and $34.39, which gives a possible trading interval of +/-$0.510 (+/-1.51%) up or down from last closing price. If Honda Motor Company Ltd takes out the full calculated possible swing range there will be an estimated 3.01% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $33.85 (0.09%) than the resistance at $36.24 (6.97%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
Honda Motor Company Ltd will release earnings BMO on Thursday, May 09, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.440. We will update the financials statements for Honda Motor Company Ltd, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 2.26% in the first trading day after earnings release.
Is Honda Motor Company Ltd stock A Buy?
Honda Motor Company Ltd holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.
Current score: -2.051 Sell Candidate Unchanged
Predicted Opening Price for Honda Motor Company Ltd of Thursday, May 9, 2024
| Fair opening price May 9, 2024 | Current price |
|---|---|
| $33.83 ( 0.148%) | $33.88 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for HMC
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 34.16 | 0.83 % | |
| R2 | 34.03 | 0.454 % | ||
| R1 | 33.96 | 0.224 % | ||
| Current price: | 33.88 | |||
| Support | S1 | 33.70 | -0.520 % | |
| S2 | 33.63 | -0.750 % | ||
| S3 | 33.50 | -1.12 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 37.08 | 9.45 % | |
| R2 | 36.43 | 7.53 % | ||
| R1 | 36.24 | 6.97 % | ||
| Current price | 33.88 | |||
| Support | S1 | 33.85 | -0.0885% | |
| S2 | 33.83 | -0.148% | ||
| S3 | 33.65 | -0.679% |
HMC Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 27, 2024 | Mar 27, 2024 | Mar 27, 2024 | $0.550 | 1.47% |
| 2 | Sep 01, 2023 | Sep 28, 2023 | Dec 12, 2023 | $0.440 | 1.44% |
| 3 | Mar 02, 2023 | Mar 29, 2023 | Jun 13, 2023 | $0.320 | 1.01% |
| 4 | Sep 28, 2022 | Sep 28, 2022 | Jun 13, 2022 | $0.310 | 1.29% |
| 5 | Mar 29, 2022 | Mar 29, 2022 | Mar 29, 2022 | $0.400 | 1.38% |
FAQ
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