High volatility in Mullen Automotive stock price on Thursday which ended trading at $0.217StockInvest.us, 1 month ago
The Mullen Automotive stock price gained 13.16% on the last trading day (Thursday, 1st Dec 2022), rising from $0.192 to $0.217. During the last trading day the stock fluctuated 18.30% from a day low at $0.207 to a day high of $0.244. The price has fallen in 7 of the last 10 days and is down by -18.37% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 199 million more shares were traded than the day before. In total, 370 million shares were bought and sold for approximately $80.26 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.Given the current short-term trend, the stock is expected to fall -42.46% during the next 3 months and, with a 90% probability hold a price between $0.0362 and $0.239 at the end of this 3-month period.
A buy signal was issued from a pivot bottom point on Wednesday, November 30, 2022, and so far it has risen 13.16%. 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 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 $0.313. On a fall, the stock will find some support from the short-term average at $0.205. 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. 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 $0.201 and $0.200.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 $0.201. If this is broken, then the next support from accumulated volume will be at $0.200 and $0.192.
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 $0.0378 between high and low, or 18.30%. For the last week, the stock has had daily average volatility of 11.82%.
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.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.