# what does historical volatility explain?

Let's assume we have close prices of one stock of period one year. As far as I understand historical volatility is standard deviation of log return, however I do not understand what this actually mean.

Let's assume last traded price was $120 and HV is 0.29. What does this really mean? That we can assume next price will be within the range of 29,58 (which is 29 percent of 120) above or bellow$120?