Hennessy Advisors Stock Forecast
Evaluation of Hennessy Advisors stock downgraded after the last trading session.
(Updated on Apr 19, 2024)
The Hennessy Advisors stock price fell by -2.48% on the last day (Friday, 19th Apr 2024) from $7.06 to $6.89. During the last trading day the stock fluctuated 3.51% from a day low at $6.70 to a day high of $6.94. The price has been going up and down for this period, and there has been a -1.08% loss for the last 2 weeks. Volume has increased on the last day by 7 thousand 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, 10 thousand shares were bought and sold for approximately $67.93 thousand.
The stock is moving within a horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Hennessy Advisors stock with a 90% probability to be traded between $6.65 and $7.24 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 a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $7.01. On a fall, the stock will find some support from the long-term average at approximately $6.86. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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 -3.57%. 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). Hennessy Advisors gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". 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 with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $0.235 between high and low, or 3.51%. For the last week the stock has had daily average volatility of 2.09%.
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 Monday 22nd
For the upcoming trading day on Monday, 22nd we expect Hennessy Advisors to open at $6.84, and during the day (based on 14 day Average True Range), to move between $6.73 and $7.04, which gives a possible trading interval of +/-$0.154 (+/-2.24%) up or down from last closing price. If Hennessy Advisors takes out the full calculated possible swing range there will be an estimated 4.48% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $6.92 (0.44%) than the support at $6.75 (1.96%), 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 negative signals and is within a falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Sell candidate.
Current score: -1.351 Sell Candidate Downgraded
Predicted Opening Price for Hennessy Advisors of Monday, April 22, 2024
Fair opening price April 22, 2024 | Current price |
---|---|
$6.84 ( 0.654%) | $6.89 |
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 | 7.08 | 2.76 % | |
R2 | 6.99 | 1.46 % | ||
R1 | 6.93 | 0.650 % | ||
Current price: | 6.89 | |||
Support | S1 | 6.75 | -1.96 % | |
S2 | 6.69 | -2.76 % | ||
S3 | 6.61 | -4.07 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 7.07 | 2.69 % | |
R2 | 7.00 | 1.67 % | ||
R1 | 6.92 | 0.436 % | ||
Current price | 6.89 | |||
Support | S1 | 6.75 | -1.96% | |
S2 | 6.70 | -2.69% | ||
S3 | 6.60 | -4.14% |
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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