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Big movements in Mullen Automotive stock price on Tuesday moving 10.15% between high and low

StockInvest.us, 1 month ago

Mullen Automotive

The Mullen Automotive stock price fell by -4.10% on the last day (Tuesday, 23rd Aug 2022) from $0.71 to $0.68. and has now fallen 7 days in a row. During the last trading day the stock fluctuated 10.15% from a day low at $0.67 to a day high of $0.74. The price has fallen in 6 of the last 10 days and is down by -13.86% for this period. 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 -50 million shares and in total, 47 million shares were bought and sold for approximately $32.01 million.

The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled.Given the current short-term trend, the stock is expected to fall -30.62% during the next 3 months and, with a 90% probability hold a price between $0.31 and $0.85 at the end of this 3-month period.

Mullen Automotive

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 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 $0.80 and $0.93. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, June 22, 2022, and so far it has fallen -57.59%. 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 much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.0680 between high and low, or 10.15%. For the last week, the stock has had a daily average volatility of 8.59%.

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.

Check full Mullen Automotive forecast and analysis here.