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Big movements in Mullen Automotive stock price on Friday moving 56.04% between high and low

StockInvest.us, 2 months ago

Mullen Automotive

The Mullen Automotive stock price fell by -30.95% on the last day (Friday, 22nd Dec 2023) from $14.25 to $9.84. During the last trading day the stock fluctuated 56.04% from a day low at $9.44 to a day high of $14.73. The price has fallen in 6 of the last 10 days but is still up by 6548.65% 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 -19 million shares and in total, 6 million shares were bought and sold for approximately $58.80 million.

On Nov 01, 2022, it was reported that Citigroup gave MULN a "Reduce" grade with a "downgrade" action.

The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled.Given the current short-term trend, the stock is expected to rise 13.67% during the next 3 months and, with a 90% probability hold a price between $0.153 and $16.23 at the end of this 3-month period.

Mullen Automotive

The Mullen Automotive stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $3.52 and $0.85. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Thursday, December 21, 2023, and so far it has fallen -30.95%. 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.

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 $5.29 between high and low, or 56.04%. For the last week, the stock has had daily average volatility of 64.49%.

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Mullen Automotive stock to perform well in the short-term.We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.

Check full Mullen Automotive forecast and analysis here.