Big movements in Mullen Automotive stock price on Monday moving 24.90% between high and lowStockInvest.us, 2 months ago
The Mullen Automotive stock price fell by -11.16% on the last day (Monday, 18th Sep 2023) from $0.680 to $0.604. During the last trading day the stock fluctuated 24.90% from a day low at $0.601 to a day high of $0.750. The price has risen in 6 of the last 10 days and is up by 30.62% 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 -75 million shares and in total, 96 million shares were bought and sold for approximately $58.15 million.
On Nov 01, 2022, it was reported that Citigroup gave MULN a "Reduce" grade with a "downgrade" action.
The stock lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $0.661 will firstly indicate a slower falling rate, but may be the first sign of a trend shift.Given the current short-term trend, the stock is expected to fall -64.42% during the next 3 months and, with a 90% probability hold a price between $0.0458 and $0.235 at the end of this 3-month period. 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.
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 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 $0.753. On a fall, the stock will find some support from the short-term average at $0.529. 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 Friday, September 15, 2023, and so far it has fallen -11.16%. 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 finds support from accumulated volume at $0.600 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 $0.150 between high and low, or 24.90%. For the last week, the stock has had daily average volatility of 19.69%.
Mullen Automotive 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.Check full Mullen Automotive forecast and analysis here.