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Green day on Wednesday for Mullen Automotive stock after gaining 2.83%

StockInvest.us, 1 month ago

Mullen Automotive

The Mullen Automotive stock price gained 2.83% on the last trading day (Wednesday, 10th Aug 2022), rising from $0.79 to $0.81. During the last trading day the stock fluctuated 4.87% from a day low at $0.78 to a day high of $0.82. The price has been going up and down for this period, and there has been a -6.79% loss 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, 28 million more shares were traded than the day before. In total, 65 million shares were bought and sold for approximately $52.44 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 -14.84% during the next 3 months and, with a 90% probability hold a price between $0.46 and $1.24 at the end of this 3-month period.

Mullen Automotive

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. 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 $0.85 and $1.05. 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 -49.38%. 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).

Mullen Automotive finds support from accumulated volume at $0.81 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 $0.0380 between high and low, or 4.87%. For the last week, the stock has had a daily average volatility of 8.22%.

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.