Mullen Automotive Stock Forecast
Big movements in Mullen Automotive stock price on Monday moving 12.03% between high and low
(Updated on Apr 22, 2024)
The Mullen Automotive stock price fell by -1.92% on the last day (Monday, 22nd Apr 2024) from $2.60 to $2.55. During the last trading day the stock fluctuated 12.03% from a day low at $2.36 to a day high of $2.64. The price has fallen in 7 of the last 10 days and is down by -37.96% for this period. Volume has increased on the last day by 150 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 1 million shares were bought and sold for approximately $2.65 million.
The stock has broken the very wide and falling short-term trend down. Firstly a stronger fallrate is indicated, but false breaks and "sell-off" may occur. However, a further fall is realistic and any reactions back to the breaking point ($2.65) are considered to be a "second chance" to get out. According to the fan-theory -$0.398 will represent the new bottom line of the next trend, but it is far too early to say this for certain.
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MULN Signals & Forecast
There are few to no technical positive signals at the moment. The Mullen Automotive stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $3.03 and $4.72. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, March 28, 2024, and so far it has fallen -50.96%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Mullen Automotive stock
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $0.284 between high and low, or 12.03%. For the last week, the stock has had daily average volatility of 10.56%.
Mullen Automotive is oversold on RSI14 (7). Some stocks may fall long and hard while being oversold on RSI, but stocks that are heavily oversold on RSI often pose good re-bounce chance and played well it can be a buy candidate.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (MULN) For The Upcoming Trading Day Of Tuesday 23rd
For the upcoming trading day on Tuesday, 23rd we expect Mullen Automotive, Inc. to open at $2.52, and during the day (based on 14 day Average True Range), to move between $2.16 and $2.94, which gives a possible trading interval of +/-$0.385 (+/-15.11%) up or down from last closing price. If Mullen Automotive, Inc. takes out the full calculated possible swing range there will be an estimated 30.22% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $2.60, some $0.0500 (1.96%) from the current price of $2.55, our system finds the risk reward not very attractive.
Is Mullen Automotive, Inc. stock A Buy?
Mullen Automotive holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.
Current score: -7.125 Strong Sell Candidate Unchanged
Predicted Opening Price for Mullen Automotive, Inc. of Tuesday, April 23, 2024
| Fair opening price April 23, 2024 | Current price |
|---|---|
| $2.52 ( 1.35%) | $2.55 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MULN
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.80 | 9.76 % | |
| R2 | 2.69 | 5.52 % | ||
| R1 | 2.62 | 2.89 % | ||
| Current price: | 2.55 | |||
| Support | S1 | 2.41 | -5.60 % | |
| S2 | 2.34 | -8.22 % | ||
| S3 | 2.23 | -12.47 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.91 | 14.12 % | |
| R2 | 2.88 | 12.94 % | ||
| R1 | 2.60 | 1.96 % | ||
| Current price | 2.55 | |||
| Support | S1 | 0 | . | |
| S2 | 0 | . | ||
| S3 | 0 | . |
FAQ
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