Honkarakenne Oyj Stock Forecast

Red day on Thursday for Honkarakenne Oyj stock after losing 0.97%
(Updated on May 16, 2024)

HONBS.HE Signals & Forecast

The Honkarakenne Oyj 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 3.08€. On a fall, the stock will find some support from the long-term average at approximately 3.05€. 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. A buy signal was issued from a pivot bottom point on Friday, May 10, 2024, and so far it has risen 0.658%. 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. Honkarakenne Oyj 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.

Sell

Special Signal Notification

Double Top Formation

A sell signal from a double top formation was found on Thursday, April 04, 2024 and based on theory for this formation the price should fall by -6.10% to 2.87€ within 18 trading days since signal was issued (Friday, May 17, 2024).

Support, Risk & Stop-loss for Honkarakenne Oyj stock

Honkarakenne Oyj finds support from accumulated volume at 3.05€ and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved 0.0600€ (1.99%) between high and low. For the last week, the stock has had daily average volatility of 2.50%.

Our recommended stop-loss: 2.91€ (-4.89%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 4 days ago.)

Trading Expectations (HONBS.HE) For The Upcoming Trading Day Of Friday 17th

For the upcoming trading day on Friday, 17th we expect Honkarakenne Oyj to open at 3.05€, and during the day (based on 14 day Average True Range), to move between 2.95€ and 3.17€, which gives a possible trading interval of +/-0.108€ (+/-3.53%) up or down from last closing price. If Honkarakenne Oyj takes out the full calculated possible swing range there will be an estimated 7.06% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at 3.07€ (0.33%) than the support at 3.05€ (0.33%), 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 Honkarakenne Oyj stock A Buy?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Honkarakenne Oyj stock to perform well in the short-term.

Current score: 3.653 Buy Candidate Unchanged

Predicted Opening Price for Honkarakenne Oyj of Friday, May 17, 2024

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