HOVNP, Stochastic left the overbought zone on Sep 17, 2020
NASDAQ:HOVNP
Hovnanian Enterprises Inc - Depositary Share representing 1/1000th of 7.625% Series A Preferred Stock
This is a signal that HOVNP's price trend could be reversing, and it may be an opportunity to sell the stock or take a defensive position. Tickeron A.I.dvisor identified 63 similar cases where HOVNP's stochastic oscillator exited the overbought zone, and 57 of them led to successful outcomes. Odds of Success: 90%. Current price $7.00 is above $6.06 the highest resistance line found by Tickeron A.I. Throughout the month of 08/17/20 - 09/17/20, the price experienced a +4% Uptrend. During the week of 09/10/20 - 09/17/20, the stock enjoyed a +6% Uptrend growth.
Bearish Trend Analysis
The Stochastic Indicator entered the overbought zone. Expect a price pull-back in the foreseeable future.
The Moving Average Convergence Divergence Histogram (MACD) for HOVNP turned negative on September 01, 2020. This could be a sign that the stock is set to turn lower in the coming weeks. Traders may want to sell the stock or buy put options. Tickeron A.I.dvisor looked at 49 similar instances when the indicator turned negative. In 41 of the 49 cases the stock turned lower in the days that followed. This puts the odds of success at 84%.
Following a 3-day decline, the stock is projected to fall further. Considering past instances where Apple declined for three days, the price rose further in 50 of 62 cases within the following month. The odds of a continued downward trend are 82%.
HOVNP broke above its upper Bollinger Band on August 25, 2020. This could be a sign that the stock is set to drop as the stock moves back below the upper band and toward the middle band. You may want to consider selling the stock or exploring put options.
Bearish Trend Analysis
The Stochastic Indicator entered the overbought zone. Expect a price pull-back in the foreseeable future.
The Moving Average Convergence Divergence Histogram (MACD) for HOVNP turned negative on September 01, 2020. This could be a sign that the stock is set to turn lower in the coming weeks. Traders may want to sell the stock or buy put options. Tickeron A.I.dvisor looked at 49 similar instances when the indicator turned negative. In 41 of the 49 cases the stock turned lower in the days that followed. This puts the odds of success at 84%.
Following a 3-day decline, the stock is projected to fall further. Considering past instances where Apple declined for three days, the price rose further in 50 of 62 cases within the following month. The odds of a continued downward trend are 82%.
HOVNP broke above its upper Bollinger Band on August 25, 2020. This could be a sign that the stock is set to drop as the stock moves back below the upper band and toward the middle band. You may want to consider selling the stock or exploring put options.