Hooker Furniture Corporation Stock Forecast

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".

Get your hands on a piece of history – invest in multi-million dollar paintings from $10k with Masterworks.

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 Account

Remember To Visit Our YouTube Channel