HOG stock price faced rejection at the $40 level. Share price again started to fall after facing rejection from the upper trendline, resuming the downtrend that shows further weakness in the market. According to the current situation, the market is trading below the dynamic support trendline which can further lead to lower levels. The market is also in a downtrend based upon a larger time frame as it is making lower lows.
Harley-Davidson has been declining from its high levels and making lower-low structures. It is currently in a downtrend after breaking below the 50, 100-day, and 200-day moving averages. If HOG cannot sustain the bearish pressure, it may form a new lower low pattern and prolong the downtrend.
Harley-Davidson’s stock price fell 6.66% last week. It declined by 15.25% through the month. Furthermore, HOG shares experienced a drop of roughly -30.13% within the past six months and a decrease of 15.36% over the past year.
Additionally, the HOG share price has slipped by approximately 19.70% year to date. These trends collectively indicate the challenges faced by Harley-Davidson shares in their recovery efforts throughout the year.
The current scenario requires traders and investors to be patient and look for a clear break below or above the range before making any moves and avoid the fear of missing out to minimize losses.
Technical Analysis of Harley-Davidson Stock Price in 1-D Timeframe
On the daily charts, Harley-Davidson stock shows sellers’ dominance as it slipped below neutrality. Moreover, the price dropped below the 50% Fib level, heading toward the 23.6% Fib level and near the lower Bollinger band.
The price of Harley-Davidson is currently at a crossroads. It could go up to $41.10 and $43.60 if it can maintain the current level. However, if the price cannot maintain this level and falls, it might hit the closest support levels of $35.30 and $32.00.
At the moment, Harley-Davidson stock (NYSE: HOG) is trading below the 50, 100, and 200-day simple moving averages which are not supporting the price trend. If bulls want to make a comeback, they will have to rise and sustain the price above the 50-day and 200-day EMAs. However, the sellers seem to be more aggressive as compared to buyers.
The price of HOG is currently trading near the support levels. If selling pressure increases, the price could break through these levels and move lower. This would be a bearish signal, as it would suggest that the trend is reversing.
The current value of RSI is 32.58 points. The 14 SMA is above the median line at 52.20 points which indicates that the Harley-Davidson stock is bearish.
The MACD line is at -0.3528 and the signal line is at 0.1626. A bearish crossover is observed in the MACD indicator which signals more bearishness for the HOG stock price.
Summary
Harley-Davidson’s stock price prediction suggests an extreme bearish in the chart. The sellers are dominating on the higher levels. Technical oscillators also highlight the bearish trend. The MACD, RSI, and EMA are emphasizing negative signs and imply that the downtrend may continue in the HOG stock price. Harley-Davidson’s price action suggests that the investors and traders are bearish on the 1-D time frame. The technical analysis suggests that the Harley-Davidson stock price is in a bearish grip and the probability of testing the previous highs in the coming months remains low.
Technical Levels
- Support Levels: Nearest support levels are $35.30 and $32.00
- Resistance levels: Nearest resistance levels are $41.10 and $43.60.
Disclaimer
The analysis provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading in stock involves risk. Please assess your situation and risk tolerance before making any investment decisions.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/08/16/hog-stock-price-prediction-will-harley-davidson-touch-30/