Hennessy Advisors Stock Forecast

Hennessy Advisors stock price ended at $6.92 on Wednesday, after losing 0.789%.
(Updated on Apr 17, 2024)

HNNA Signals & Forecast

The Hennessy Advisors 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 $7.05. On a fall, the stock will find some support from the long-term average at approximately $6.85. 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. 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. A sell signal was issued from a pivot top point on Friday, April 12, 2024, and so far it has fallen -3.15%. Further fall is indicated until a new bottom pivot has been found. Hennessy Advisors 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.

Support, Risk & Stop-loss for Hennessy Advisors stock

Hennessy Advisors finds support from accumulated volume at $6.75 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 $0.0650 (0.95%) between high and low. For the last week, the stock has had daily average volatility of 1.04%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (HNNA) For The Upcoming Trading Day Of Thursday 18th

For the upcoming trading day on Thursday, 18th we expect Hennessy Advisors to open at $6.89, and during the day (based on 14 day Average True Range), to move between $6.79 and $7.04, which gives a possible trading interval of +/-$0.129 (+/-1.86%) up or down from last closing price. If Hennessy Advisors takes out the full calculated possible swing range there will be an estimated 3.72% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $7.00 (1.23%) than the support at $6.75 (2.39%), 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 Hennessy Advisors stock A Buy?

Hennessy Advisors 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.

Current score: -2.179 Sell Candidate Unchanged

Predicted Opening Price for Hennessy Advisors of Thursday, April 18, 2024

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