Hanover Bancorp Stock Forecast - Daily Balance Of Power
Hanover Stock Forecast is based on your current time horizon.
Hanover |
| Check Hanover Bancorp Volatility | Backtest Hanover Bancorp | Information Ratio |
Balance of Power indicator was created by Igor Livshin to predict asset short term price movements or warning signals. If Balance of Power indicator is trended towards the high of its range it will signify that the bulls are in control. On the other hand when the BOP indicator is moving towards the lows of its range it signifies that the bears are in control. If the indicator move from a high positive range to a lower positive range it signifies that the buying pressure is decreasing. Conversely, if the indicator move from a low negative range to a higher negative range it signifies that the selling pressure is decreasing.
Compare Hanover Bancorp to competition
Hanover Bancorp Related Equities
One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with Hanover Bancorp stock to make a market-neutral strategy. Peer analysis of Hanover Bancorp could also be used in its relative valuation, which is a method of valuing Hanover Bancorp by comparing valuation metrics with similar companies.
| Risk & Return | Correlation |
Pair Trading with Hanover Bancorp
One of the main advantages of trading using pair correlations is that every trade hedges away some risk. Because there are two separate transactions required, even if Hanover Bancorp position performs unexpectedly, the other equity can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Hanover Bancorp will appreciate offsetting losses from the drop in the long position's value.Moving together with Hanover Stock
Moving against Hanover Stock
| 0.74 | CFG-PE | Citizens Financial | PairCorr |
| 0.68 | TFC-PO | Truist Financial | PairCorr |
| 0.67 | TFC-PR | Truist Financial | PairCorr |
| 0.63 | NU | Nu Holdings | PairCorr |
| 0.5 | WF | Woori Financial Group | PairCorr |
The ability to find closely correlated positions to Hanover Bancorp could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Hanover Bancorp when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Hanover Bancorp - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Hanover Bancorp to buy it.
The correlation of Hanover Bancorp is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Hanover Bancorp moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Hanover Bancorp moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Correlation analysis and pair trading evaluation for Hanover Bancorp can also be used as hedging techniques within a particular sector or industry or even over random equities to generate a better risk-adjusted return on your portfolios.Additional Tools for Hanover Stock Analysis
When running Hanover Bancorp's price analysis, check to measure Hanover Bancorp's market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy Hanover Bancorp is operating at the current time. Most of Hanover Bancorp's value examination focuses on studying past and present price action to predict the probability of Hanover Bancorp's future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move Hanover Bancorp's price. Additionally, you may evaluate how the addition of Hanover Bancorp to your portfolios can decrease your overall portfolio volatility.