High volatility in Mullen Automotive stock price on Friday which ended trading at $0.680
StockInvest.us, 2 months ago
The Mullen Automotive stock price gained 19.30% on the last trading day (Friday, 15th Sep 2023), rising from $0.570 to $0.680. It has now gained 5 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 last trading day the stock fluctuated 17.92% from a day low at $0.610 to a day high of $0.719. The price has risen in 6 of the last 10 days and is up by 29.03% 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, 43 million more shares were traded than the day before. In total, 171 million shares were bought and sold for approximately $116.36 million.
On Nov 01, 2022, it was reported that Citigroup gave MULN a "Reduce" grade with a "downgrade" action.
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.
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. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Mullen Automotive stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $0.767. On a fall, the stock will find some support from the short-term average at $0.503. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. A sell signal was issued from a pivot top point on Wednesday, August 23, 2023, and so far it has fallen -15.00%. Further fall is indicated until a new bottom pivot has been found.
On the downside, the stock finds support just below today's level from accumulated volume at $0.600 and $0.598.There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Mullen Automotive finds support just below today's level at $0.600. If this is broken, then the next support from accumulated volume will be at $0.598 and $0.570.
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 $0.109 between high and low, or 17.92%. For the last week, the stock has had daily average volatility of 17.56%.
Mullen Automotive holds several negative signals and we believe that 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.Riot Blockchain, Inc. Stock Shows Potential Bullish Trend with High Volatility 3 hours ago
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