Big movements in Mullen Automotive, Inc. stock price on Thursday moving 34.42% between high and low, 1 year ago

Mullen Automotive

The Mullen Automotive, Inc. stock price gained 39.43% on the last trading day (Thursday, 17th Mar 2022), rising from $1.75 to $2.44. , and has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the day the stock fluctuated 34.42% from a day low at $1.99 to a day high of $2.68. The price has risen in 6 of the last 10 days and is up by 173.85% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 366 million more shares were traded than the day before. In total, 507 million shares were bought and sold for approximately $1.24 billion.

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

The Mullen Automotive, Inc. stock holds buy signals from both short and long-term moving averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $1.59 and $1.60. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, February 22, 2022, and so far it has risen 300.00%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.

On the downside, the stock finds support just below today's level from accumulated volume at $2.23 and $2.13.There is natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Mullen Automotive, Inc. finds support just below today's level at $2.23. If this is broken, then the next support from accumulated volume will be at $2.13 and $1.88.

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 $0.69 between high and low, or 34.42%. For the last week, the stock has had a daily average volatility of 34.33%.

The Mullen Automotive, Inc. stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought and the RSI is still moving upwards. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely, and it is of great importance that the stock manages to break the trend before that occurs.

Mullen Automotive, Inc. holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.

Check full Mullen Automotive forecast and analysis here.