$8.94 (0.224%)

Volume: 7.542k

Closed: Dec 02, 2022

Hollow Logo Score: -0.572

Hennessy Advisors Stock Forecast

$8.94 (0.224%)

Volume: 7.542k

Closed: Dec 02, 2022

Score Hollow Logo -0.572
* StockInvest.us uses dynamically calculated RSI max/min levels to determine when stock is oversold or overbought based on historical behavior.
RSI min/max Values: [ 25 - 75 ]
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Green day on Friday for Hennessy Advisors
(Updated on Dec 02, 2022)


Hold candidate since 2022-12-01 Gain 0.22% PDF

The Hennessy Advisors stock price gained 0.224% on the last trading day (Friday, 2nd Dec 2022), rising from $8.92 to $8.94. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 3.14% from a day low at $8.92 to a day high of $9.20. The price has risen in 7 of the last 10 days and is up by 2.92% over the past 2 weeks. Volume fell on the last day by -916 shares and in total, 8 thousand shares were bought and sold for approximately $67.43 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.

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The stock lies the upper part of a wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $9.06 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -4.20% during the next 3 months and, with a 90% probability hold a price between $7.88 and $8.68 at the end of this 3-month period. 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.

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, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $8.74 and $8.83. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, November 16, 2022, and so far it has risen 4.81%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. 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. The stock had a Golden Star Signal on Tuesday, November 01, 2022 in the short-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Buy
Special Signal Notification

Golden Star

The stock had a Golden Star Signal on Tuesday, November 01, 2022 in the short-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
Buy
Special Signal Notification

Double Bottom Formation

Double Bottom Formation A buy signal from a double bottom formation was found on Wednesday, November 16, 2022 and based on theory for this formation the price should go up by 8.11% to $9.67 within 37 trading days since signal was issued (Monday, December 05, 2022).

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Support, Risk & Stop-loss for Hennessy Advisors stock

Hennessy Advisors finds support from accumulated volume at $8.80 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 $0.280 between high and low, or 3.14%. For the last week the stock has had daily average volatility of 6.68%

Our recommended stop-loss: $8.54 (-4.45%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 11 days ago.)

Trading Expectations (HNNA) For The Upcoming Trading Day Of Monday 5th

For the upcoming trading day on Monday, 5th we expect Hennessy Advisors to open at $9.02, and during the day (based on 14 day Average True Range), to move between $8.61 and $9.27, which gives a possible trading interval of +/-$0.328 (+/-3.67%) up or down from last closing price. If Hennessy Advisors takes out the full calculated possible swing range there will be an estimated 7.34% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $9.00 (0.67%) than the support at $8.80 (1.57%), 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?

Hennessy Advisors holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.

Current score: -0.572 Open Broker Account

Hold/Accumulate Unchanged

Predicted Opening Price for Hennessy Advisors of Monday, December 5, 2022

The predicted opening price is based on yesterday's movements between high, low, and closing price.

Fair opening price December 5, 2022 Current price
$9.02 $8.94 (Undervalued)

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Fibonacci Support & Resistance Levels

Level Price Change
Resistance 9.30 4.03 %
9.19 2.83 %
9.13 2.09 %
Current price: 8.94
Support 8.91 -0.302 %
8.85 -1.04 %
8.74 -2.24 %

Accumulated Volume Support & Resistance Levels

Level Price Chg %
Resistance 9.43 5.53 %
9.06 1.34 %
9.00 0.671 %
Current price 8.94
Support 8.80 -1.57%
8.73 -2.38%
8.65 -3.24%

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About Hennessy Advisors

Hennessy Advisors Hennessy Advisors, Inc. is publicly owned investment manager. It provides its services to Hennessy Funds and investment companies. The firm launches and manages equity, fixed income, and balanced mutual funds. It invests in the public equity and fixed income markets across the globe. The firm primarily invests in growth stocks of companies. It conducts in-house research to make its investments. Hennessy Advisors, Inc. was founded in 1989 and is b... HNNA Profile

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