High volatility in Faraday Future Intelligent Electric Inc. stock price on Thursday which ended trading at $8.04

The Faraday Future Intelligent Electric Inc. stock price gained 123.96% on the last trading day (Thursday, 22nd Aug 2024), rising from $3.59 to $8.04. During the last trading day the stock fluctuated 171.87% from a day low at $3.27 to a day high of $8.89. The price has fallen in 6 of the last 10 days but is still up by 3322.73% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 141 million more shares were traded than the day before. In total, 152 million shares were bought and sold for approximately $1.22 billion.

The stock has broken the very wide and strong rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $1.24, a level that may pose a second chance to hit a runner.

The Faraday Future Intelligent Electric Inc. 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 $2.72 and $0.82. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, August 15, 2024, and so far it has risen 6,240.69%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.

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 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 $5.62 between high and low, or 171.87%. For the last week, the stock has had daily average volatility of 58.68%.

The Faraday Future Intelligent Electric Inc. stock is extremely overbought on RSI14 (88). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.

Faraday Future Intelligent Electric Inc. holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.