Big movements in Mullen Automotive stock price on Tuesday moving 17.69% between high and lowStockInvest.us, 3 months ago
The Mullen Automotive stock price gained 15.15% on the last trading day (Tuesday, 21st Jun 2022), rising from $1.32 to $1.52. , and has now gained 6 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the day the stock fluctuated 17.69% from a day low at $1.39 to a day high of $1.63. The price has been going up and down for this period, and there has been a 10.14% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 43 million more shares were traded than the day before. In total, 102 million shares were bought and sold for approximately $154.88 million.
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.
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 $1.22 and $1.16. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, May 11, 2022, and so far it has risen 90.05%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
On the downside, the stock finds support just below today's level from accumulated volume at $1.42 and $1.40.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 $1.42. If this is broken, then the next support from accumulated volume will be at $1.40 and $1.29.
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 $0.25 between high and low, or 17.69%. For the last week, the stock has had a daily average volatility of 12.53%.
Since the Mullen Automotive has been rising for 6 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for 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.