Hooker Furniture Corporation Stock Forecast
Hooker Furniture Corporation stock downgraded from Hold/Accumulate to Sell Candidate after Monday trading session.
(Updated on Jun 05, 2023)
The Hooker Furniture Corporation stock price fell by -0.314% on the last day (Monday, 5th Jun 2023) from $15.93 to $15.88. During the last trading day the stock fluctuated 2.55% from a day low at $15.70 to a day high of $16.10. The price has fallen in 7 of the last 10 days and is down by -3.52% for this period. Volume has increased on the last day by 6 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, 42 thousand shares were bought and sold for approximately $661.16 thousand.
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Given the current short-term trend, the stock is expected to fall -26.43% during the next 3 months and, with a 90% probability hold a price between $9.47 and $11.68 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.
HOFT Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, May 04, 2023, and so far it has risen 7.44%. 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. The Hooker Furniture Corporation stock holds a buy signal from the short-term moving average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term moving average at $16.01. On a fall, the stock will find some support from the short-term average at $15.67. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Hooker Furniture Corporation 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".
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Support, Risk & Stop-loss for Hooker Furniture Corporation stock
Hooker Furniture Corporation finds support from accumulated volume at $15.75 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 $0.400 between high and low, or 2.55%. For the last week, the stock has had daily average volatility of 3.80%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (HOFT) For The Upcoming Trading Day Of Tuesday 6th
For the upcoming trading day on Tuesday, 6th we expect Hooker Furniture Corporation to open at $15.89, and during the day (based on 14 day Average True Range), to move between $15.42 and $16.34, which gives a possible trading interval of +/-$0.461 (+/-2.91%) up or down from last closing price. If Hooker Furniture Corporation takes out the full calculated possible swing range there will be an estimated 5.81% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $15.75 (0.82%) than the resistance at $17.90 (12.72%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Hooker Furniture Corporation stock A Buy?
Hooker Furniture Corporation 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -1.813 Open Broker AccountSell Candidate Downgraded
Predicted Opening Price for Hooker Furniture Corporation of Tuesday, June 6, 2023
The predicted opening price is based on yesterday's movements between high, low, and closing price.
|Fair opening price June 6, 2023||Current price|
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Trading levels for HOFT
Fibonacci Support & Resistance Levels
Accumulated Volume Support & Resistance Levels
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About Hooker Furniture Corporation
Hooker Furnishings Corporation designs, manufactures, imports, and markets residential household, hospitality, and contract furniture. The company's Hooker Branded segment offers design categories, including home entertainment, home office, accent, dining, and bedroom furniture under the Hooker Furniture brand; and imported upholstered furniture under the Hooker Upholstery brand. Its Home Meridian segment provides home furnishings under the Accen... HOFT Profile
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