High volatility in Mullen Automotive stock price on Friday which ended trading at $0.40StockInvest.us, 1 year ago
The Mullen Automotive stock price gained 8.96% on the last trading day (Friday, 23rd Sep 2022), rising from $0.37 to $0.40. During the last trading day the stock fluctuated 33.24% from a day low at $0.33 to a day high of $0.44. The price has fallen in 7 of the last 10 days and is down by -29.05% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 76 million more shares were traded than the day before. In total, 160 million shares were bought and sold for approximately $64.15 million.
The stock lies in the lower of a very wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $0.35 is broken, it will firstly indicate a stronger fall rate.Given the current short-term trend, the stock is expected to fall -54.24% during the next 3 months and, with a 90% probability hold a price between $0.16 and $0.31 at the end of this 3-month period. 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.
A buy signal was issued from a pivot bottom point on Thursday, September 22, 2022, and so far it has risen 8.96%. Further rise is indicated until a new top pivot has been found. 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 $0.45 and $0.66. 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).
On the downside, the stock finds support just below today's level from accumulated volume at $0.37.With no support from accumulated volume below today's level the risk is increased, as a drop below the support at $0 may give a huge drop in the stock price.
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 $0.11 between high and low, or 33.24%. For the last week, the stock has had daily average volatility of 15.96%.
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.We have upgraded our analysis conclusion for this stock since the last evaluation from a Strong Sell to a Sell candidate.Check full Mullen Automotive forecast and analysis here.