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Big movements in Mullen Automotive, Inc. stock price on Thursday moving 15.00% between high and low

StockInvest.us, 2 months ago

StockInvest.us

The Mullen Automotive, Inc. stock price fell by -6.96% on the last day (Thursday, 10th Mar 2022) from $1.15 to $1.07. and has now fallen 3 days in a row. During the day the stock fluctuated 15.00% from a day low at $1.00 to a day high of $1.15. The price has fallen in 6 of the last 10 days, but is still up by 72.86% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -30 million shares and in total, 81 million shares were bought and sold for approximately $86.90 million.

The stockhas broken the very wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is $0.88, a level that may pose a second chance to hit a runner. According to fan-theory $2.36 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.Due to the high volatility and the trend direction we are not able to give forecast range for this stock. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.

Mullen Automotive, Inc.

Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Mullen Automotive, Inc. stock holds a buy signal from the short-term moving average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term moving average at $1.83. On a fall, the stock will find some support from the short-term average at $1.03. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. A sell signal was issued from a pivot top point on Monday, February 28, 2022, and so far it has fallen -36.69%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

Mullen Automotive, Inc. finds support from accumulated volume at $1.06 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

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 $0.15 between high and low, or 15.00%. For the last week, the stock has had a daily average volatility of 33.29%.

Mullen Automotive, Inc. holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.We have upgraded our analysis conclusion for this stock since the last evaluation from a Strong Sell to a Sell candidate.

Check full Mullen Automotive, Inc. forecast and analysis here.