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High volatility in Mullen Automotive, Inc. stock price on Wednesday which ended trading at $1.42

StockInvest.us, 3 months ago

Mullen Automotive

The Mullen Automotive, Inc. stock price gained 1.43% on the last trading day (Wednesday, 1st Jun 2022), rising from $1.40 to $1.42. , 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 20.00% from a day low at $1.40 to a day high of $1.68. The price has fallen in 6 of the last 10 days, but is still up by 24.56% over the past 2 weeks. Volume fell on the last day by -80 million shares and in total, 231 million shares were bought and sold for approximately $328.29 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 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.

Mullen Automotive

The Mullen Automotive, Inc. stock holds buy signals from both short and long-term moving averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $1.12 and $1.31. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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. A sell signal was issued from a pivot top point on Tuesday, March 22, 2022, and so far it has fallen -57.10%. Further fall is indicated until a new bottom pivot has been found.

Mullen Automotive, Inc. finds support from accumulated volume at $1.40 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 $0.28 between high and low, or 20.00%. For the last week, the stock has had a daily average volatility of 14.79%.

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.

Check full Mullen Automotive forecast and analysis here.