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Green day on Thursday for Mullen Automotive, Inc. stock after gaining 0.74%

StockInvest.us, 5 months ago

Mullen Automotive

The Mullen Automotive, Inc. stock price gained 0.74% on the last trading day (Thursday, 28th Apr 2022), rising from $1.35 to $1.36. , and has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the day the stock fluctuated 6.92% from a day low at $1.30 to a day high of $1.39. The price has fallen in 7 of the last 10 days and is down by -43.1% for this period. Volume fell on the last day by -10 million shares and in total, 31 million shares were bought and sold for approximately $41.92 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.

The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $0.90 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift.Given the current short-term trend, the stock is expected to rise 12.34% during the next 3 months and, with a 90% probability hold a price between $1.01 and $3.90 at the end of this 3-month period.

Mullen Automotive

A buy signal was issued from a pivot bottom point on Tuesday, April 26, 2022, and so far it has risen 5.43%. Further rise is indicated until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Mullen Automotive, Inc. 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 $1.38 and $2.21. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Mullen Automotive, Inc. finds support from accumulated volume at $1.35 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 $0.0900 between high and low, or 6.92%. For the last week, the stock has had a daily average volatility of 12.43%.

The Mullen Automotive, Inc. stock holds several negative signals and despite the positive trend, we believe Mullen Automotive, Inc. will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.

Check full Mullen Automotive forecast and analysis here.