The Honest Company, Inc. Stock Forecast
Stronger technical forecast for The Honest Company, Inc. stock price after Thursday trading.
(Updated on Apr 25, 2024)
The The Honest Company, Inc. stock price fell by -0.327% on the last day (Thursday, 25th Apr 2024) from $3.06 to $3.05. During the last trading day the stock fluctuated 4.53% from a day low at $2.98 to a day high of $3.12. The price has fallen in 8 of the last 10 days and is down by -11.59% for this period. Volume has increased on the last day by 16 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, 470 thousand shares were bought and sold for approximately $1.43 million.
The stock lies in the lower part of a very wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $3.04 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 9.61% during the next 3 months and, with a 90% probability hold a price between $3.33 and $5.36 at the end of this 3-month period.
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HNST Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, April 22, 2024, and so far it has risen 0.99%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The The Honest Company, Inc. 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 $3.06 and $3.78. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). The Honest Company, Inc. 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".
Support, Risk & Stop-loss for The Honest Company, Inc. stock
The Honest Company, Inc. finds support from accumulated volume at $3.03 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.135 between high and low, or 4.53%. For the last week, the stock has had daily average volatility of 7.03%.
The Honest Company, Inc. is oversold on RSI14 (13). Some stocks may fall long and hard while being oversold on RSI, but stocks that are heavily oversold on RSI often pose good re-bounce chance and played well it can be a buy candidate.
Our recommended stop-loss: $2.89 (-5.40%) (This stock has high daily movements and this gives high risk. Low RSI14 is 13 which reduces the risk some. There is a buy signal from a pivot bottom found 3 days ago.)
Trading Expectations (HNST) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect The Honest Company, Inc. to open at $3.05, and during the day (based on 14 day Average True Range), to move between $2.82 and $3.28, which gives a possible trading interval of +/-$0.229 (+/-7.50%) up or down from last closing price. If The Honest Company, Inc. takes out the full calculated possible swing range there will be an estimated 15.00% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $3.03 (0.66%) than the resistance at $3.11 (1.97%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is The Honest Company, Inc. stock A Buy?
The Honest Company, Inc. holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.541 Hold/Accumulate Upgraded
Predicted Opening Price for The Honest Company, Inc. of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| $3.05 ( 0.0546%) | $3.05 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for HNST
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.18 | 4.37 % | |
| R2 | 3.13 | 2.68 % | ||
| R1 | 3.10 | 1.64 % | ||
| Current price: | 3.05 | |||
| Support | S1 | 3.00 | -1.75 % | |
| S2 | 2.96 | -2.79 % | ||
| S3 | 2.91 | -4.48 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.45 | 13.11 % | |
| R2 | 3.15 | 3.28 % | ||
| R1 | 3.11 | 1.97 % | ||
| Current price | 3.05 | |||
| Support | S1 | 3.03 | -0.656% | |
| S2 | 3.02 | -0.98% | ||
| S3 | 2.99 | -1.97% |
FAQ
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