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Big movements in Mullen Automotive stock price on Tuesday moving 11.01% between high and low

StockInvest.us, 2 months ago

Mullen Automotive

The Mullen Automotive stock price fell by -9.02% on the last day (Tuesday, 12th Jul 2022) from $1.22 to $1.11. During the day the stock fluctuated 11.01% from a day low at $1.09 to a day high of $1.21. The price has been going up and down for this period, and there has been a -15.27% loss for the last 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 -92 million shares and in total, 44 million shares were bought and sold for approximately $48.40 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 -19.31% during the next 3 months and, with a 90% probability hold a price between $0.44 and $1.23 at the end of this 3-month period.

Mullen Automotive

There are mixed signals in the stock today. 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 $1.20. On a fall, the stock will find some support from the short-term average at $1.09. 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 Wednesday, June 22, 2022, and so far it has fallen -30.63%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

On the downside, the stock finds support just below today's level from accumulated volume at $1.05 and $1.02.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 finds support just below today's level at $1.05. If this is broken, then the next support from accumulated volume will be at $1.02 and $0.99.

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 $0.12 between high and low, or 11.01%. For the last week, the stock has had a daily average volatility of 13.20%.

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.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Strong Sell candidate.

Check full Mullen Automotive forecast and analysis here.