New Horizon Aircraft Ltd. Stock Forecast
New Horizon Aircraft Ltd. stock price fell more than -5.77% Friday closing at $0.555
(Updated on Jun 28, 2024)
The New Horizon Aircraft Ltd. stock price fell by -5.77% on the last day (Friday, 28th Jun 2024) from $0.589 to $0.555. During the last trading day the stock fluctuated 8.96% from a day low at $0.532 to a day high of $0.580. The price has fallen in 7 of the last 10 days and is down by -26% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -40 thousand shares and in total, 91 thousand shares were bought and sold for approximately $50.47 thousand.
The stockhas broken the very wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is $0.527, a level that may pose a second chance to hit a runner. According to fan-theory $0.84 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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HOVR Signals & Forecast
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 New Horizon Aircraft Ltd. 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 $0.625 and $1.02. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, June 10, 2024, and so far it has fallen -44.50%. Further fall is indicated until a new bottom pivot has been found. Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for New Horizon Aircraft Ltd. stock
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
This stock may move very much during the day (volatility) and with periodic low trading volume this stock is considered to be "very high risk". During the last day, the stock moved $0.0477 between high and low, or 8.96%. For the last week the stock has had daily average volatility of 12.28%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (HOVR) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect New Horizon Aircraft Ltd. to open at $0.556, and during the day (based on 14 day Average True Range), to move between $0.415 and $0.695, which gives a possible trading interval of +/-$0.140 (+/-25.26%) up or down from last closing price. If New Horizon Aircraft Ltd. takes out the full calculated possible swing range there will be an estimated 50.52% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $0.568, some $0.0125 (2.25%) from the current price of $0.555, our system finds the risk reward not very attractive.
Is New Horizon Aircraft Ltd. stock A Buy?
New Horizon Aircraft Ltd. holds several negative signals and is within a very wide and 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.
Current score: -6.250 Strong Sell Candidate Unchanged
Predicted Opening Price for New Horizon Aircraft Ltd. of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| $0.556 ( 0.138%) | $0.555 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for HOVR
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.603 | 8.73% |
| R2 | 0.585 | 5.45% |
| R1 | 0.574 | 3.42% |
| Price | 0.555 | |
| S1 | 0.538 | -3.14% |
| S2 | 0.526 | -5.17% |
| S3 | 0.508 | -8.46% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.629 | 13.33% |
| R2 | 0.589 | 6.13% |
| R1 | 0.568 | 2.25% |
| Price | 0.555 | |
| S1 | 0 | - |
| S2 | 0 | - |
| S3 | 0 | - |
FAQ
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