High volatility in Mullen Automotive stock price on Thursday which ended trading at $1.02StockInvest.us, 2 months ago
The Mullen Automotive stock price fell by -9.73% on the last day (Thursday, 30th Jun 2022) from $1.13 to $1.02. and has now fallen 5 days in a row. During the day the stock fluctuated 19.61% from a day low at $1.02 to a day high of $1.22. The price has fallen in 5 of the last 10 days and is down by -12.07% for this period. Volume has increased on the last day by 72 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 124 million shares were bought and sold for approximately $126.15 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 -46.06% during the next 3 months and, with a 90% probability hold a price between $0.0581 and $0.80 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.
There are few to no technical positive signals at the moment. The Mullen Automotive stock holds sell signals from both short and long-term moving averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $1.31 and $1.18. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, June 22, 2022, and so far it has fallen -36.25%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Mullen Automotive finds support from accumulated volume at $0.99 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 $0.20 between high and low, or 19.61%. For the last week, the stock has had a daily average volatility of 11.79%.
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.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Strong Sell candidate.Check full Mullen Automotive forecast and analysis here.