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High volatility in Mullen Automotive, Inc. stock price on Wednesday which ended trading at $1.28

StockInvest.us, 3 months ago

Mullen Automotive

The Mullen Automotive, Inc. stock price fell by -4.48% on the last day (Wednesday, 8th Jun 2022) from $1.34 to $1.28. and has now fallen 3 days in a row. During the day the stock fluctuated 11.29% from a day low at $1.24 to a day high of $1.38. The price has been going up and down for this period, and there has been a 28% gain 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 -3 million shares and in total, 51 million shares were bought and sold for approximately $64.67 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.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.

Mullen Automotive

The Mullen Automotive, Inc. stock holds a sell signal from the short-term moving average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term moving average at approximately $1.33. On a fall, the stock will find some support from the long-term average at approximately $1.20. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Tuesday, March 22, 2022, and so far it has fallen -61.33%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

Mullen Automotive, Inc. finds support from accumulated volume at $1.27 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 $0.14 between high and low, or 11.29%. For the last week, the stock has had a daily average volatility of 11.23%.

Mullen Automotive, 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.

Check full Mullen Automotive forecast and analysis here.