John Hancock Preferred Income Fund Stock Forecast
Weaker technical forecast for John Hancock Preferred Income Fund as stock downgraded to Hold/Accumulate.
(Updated on Apr 22, 2024)
The John Hancock Preferred Income Fund stock price gained 1.34% on the last trading day (Monday, 22nd Apr 2024), rising from $15.68 to $15.89. During the last trading day the stock fluctuated 1.21% from a day low at $15.70 to a day high of $15.89. The price has fallen in 6 of the last 10 days and is down by -2.63% for this period. Volume fell on the last day by -35 thousand shares and in total, 20 thousand shares were bought and sold for approximately $325.67 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock is moving within a horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect John Hancock Preferred Income Fund stock with a 90% probability to be traded between $15.60 and $16.97 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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HPI Signals & Forecast
There are mixed signals in the stock today. The John Hancock Preferred Income Fund 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 $16.29. On a fall, the stock will find some support from the short-term average at $15.72. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not. A buy signal was issued from a pivot bottom point on Monday, April 15, 2024, and so far it has risen 3.25%. Further rise is indicated until a new top pivot has been found.
Support, Risk & Stop-loss for John Hancock Preferred Income Fund stock
John Hancock Preferred Income Fund finds support from accumulated volume at $15.86 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have controlled movements and therefore the general risk is considered low. However, be aware of low or falling volume and make sure to keep an eye on the stock. During the last day, the stock moved $0.190 between high and low, or 1.21%. For the last week the stock has had daily average volatility of 1.86%.
Our recommended stop-loss: $15.13 (-4.77%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 5 days ago.)
Trading Expectations (HPI) For The Upcoming Trading Day Of Tuesday 23rd
For the upcoming trading day on Tuesday, 23rd we expect John Hancock Preferred Income Fund to open at $15.83, and during the day (based on 14 day Average True Range), to move between $15.63 and $16.15, which gives a possible trading interval of +/-$0.262 (+/-1.65%) up or down from last closing price. If John Hancock Preferred Income Fund takes out the full calculated possible swing range there will be an estimated 3.29% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $15.86 (0.19%) than the resistance at $16.16 (1.70%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is John Hancock Preferred Income Fund stock A Buy?
John Hancock Preferred Income Fund 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 Buy to a Hold/Accumulate candidate.
Current score: 0.568 Hold/Accumulate Downgraded
Predicted Opening Price for John Hancock Preferred Income Fund of Tuesday, April 23, 2024
Fair opening price April 23, 2024 | Current price |
---|---|
$15.83 ( 0.399%) | $15.89 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for HPI
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 16.02 | 0.797 % | |
R2 | 15.94 | 0.340 % | ||
R1 | 15.90 | 0.0582 % | ||
Current price: | 15.89 | |||
Support | S1 | 15.75 | -0.86 % | |
S2 | 15.71 | -1.14 % | ||
S3 | 15.64 | -1.59 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 16.59 | 4.41 % | |
R2 | 16.43 | 3.40 % | ||
R1 | 16.16 | 1.70 % | ||
Current price | 15.89 | |||
Support | S1 | 15.86 | -0.189% | |
S2 | 15.73 | -1.01% | ||
S3 | 15.72 | -1.07% |
HPI Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Apr 01, 2024 | Apr 10, 2024 | Apr 30, 2024 | $0.124 | 0.777% |
2 | Mar 01, 2024 | Mar 08, 2024 | Mar 28, 2024 | $0.124 | 0.743% |
3 | Feb 01, 2024 | Feb 09, 2024 | Feb 29, 2024 | $0.124 | 0.744% |
4 | Dec 28, 2023 | Dec 28, 2023 | Jan 31, 2024 | $0.124 | 0.770% |
5 | Dec 01, 2023 | Dec 08, 2023 | Dec 18, 2023 | $0.124 | 0.798% |
FAQ
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