New Hope Corporation Limited Stock Forecast
New Hope Corporation Limited stock downgraded to Hold/Accumulate
(Updated on Jul 02, 2024)
The New Hope Corporation Limited stock price gained 1.37% on the last trading day (Tuesday, 2nd Jul 2024), rising from $5.10 to $5.17. During the last trading day the stock fluctuated 2.77% from a day low at $5.06 to a day high of $5.20. The price has risen in 7 of the last 10 days and is up by 10.94% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 796 thousand more shares were traded than the day before. In total, 4 million shares were bought and sold for approximately $20.40 million.
The stock lies in the upper part of a wide and weak rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $5.21 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 5.77% during the next 3 months and, with a 90% probability hold a price between $4.95 and $5.51 at the end of this 3-month period.
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NHC.AX Signals & Forecast
The New Hope Corporation Limited stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $4.93 and $4.87. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, June 17, 2024, and so far it has risen 11.66%. 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). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for New Hope Corporation Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at $4.69 and $4.68. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, New Hope Corporation Limited finds support just below today's level at $4.69. If this is broken, then the next support from accumulated volume will be at $4.68 and $4.66.
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 $0.140 between high and low, or 2.77%. For the last week, the stock has had daily average volatility of 2.75%.
The New Hope Corporation Limited stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought and the RSI is still moving upwards. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely, and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stop-loss: $4.99 (-3.49%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 82 and this increases the risk substantially. There is a buy signal from a pivot bottom found 28 days ago.)
Trading Expectations (NHC.AX) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect New Hope Corporation Limited to open at $5.14, and during the day (based on 14 day Average True Range), to move between $5.06 and $5.28, which gives a possible trading interval of +/-$0.109 (+/-2.11%) up or down from last closing price. If New Hope Corporation Limited takes out the full calculated possible swing range there will be an estimated 4.22% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $4.69, some $0.480 (9.28%) from the current price of $5.17, our system finds the risk reward attractive.
Is New Hope Corporation Limited stock A Buy?
New Hope Corporation Limited holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Downgraded
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for New Hope Corporation Limited of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $5.14 ( 0.516%) | $5.17 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NHC.AX
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 5.28 | 2.19% |
| R2 | 5.23 | 1.16% |
| R1 | 5.20 | 0.519% |
| Price | 5.17 | |
| S1 | 5.09 | -1.55% |
| S2 | 5.06 | -2.19% |
| S3 | 5.00 | -3.22% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 5.17 | |
| S1 | 4.69 | -9.28% |
| S2 | 4.68 | -9.48% |
| S3 | 4.66 | -9.86% |
NHC Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Apr 15, 2024 | Apr 15, 2024 | May 01, 2024 | $0.170 | 3.74% |
| 2 | Oct 23, 2023 | Oct 23, 2023 | Nov 07, 2023 | $0.0900 | 1.72% |
| 3 | Apr 17, 2023 | Apr 17, 2023 | Apr 17, 2023 | $0.100 | 1.90% |
| 4 | Oct 24, 2022 | Oct 24, 2022 | Oct 24, 2022 | $0.250 | 3.52% |
| 5 | Apr 14, 2022 | Apr 14, 2022 | Apr 14, 2022 | $0.130 | 3.65% |
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