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Mullen Automotive, Inc. stock price down 3.01% on Wednesday

StockInvest.us, 3 weeks ago

StockInvest.us

The Mullen Automotive, Inc. stock price fell by -3.01% on the last day (Wednesday, 4th May 2022) from $1.33 to $1.29. During the day the stock fluctuated 8.26% from a day low at $1.21 to a day high of $1.31. The price has fallen in 6 of the last 10 days and is down by -8.51% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -1 million shares and in total, 43 million shares were bought and sold for approximately $55.17 million.

The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $1.26 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift.Given the current short-term trend, the stock is expected to rise 26.6% during the next 3 months and, with a 90% probability hold a price between $1.59 and $4.68 at the end of this 3-month period.

Mullen Automotive, Inc.

A buy signal was issued from a pivot bottom point on Tuesday, April 26, 2022, and so far it has fallen 0%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Mullen Automotive, Inc. 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 $1.32 and $2.20. 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). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

Mullen Automotive, Inc. finds support from accumulated volume at $1.24 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 $0.10 between high and low, or 8.26%. For the last week, the stock has had a daily average volatility of 10.12%.

Mullen Automotive, Inc. is oversold on RSI14 (13). Some stocks may fall long and hard while being oversold on RSI, but stocks that are heavily oversold on RSI often pose good re-bounce chance and played well it can be a buy candidate.

The Mullen Automotive, Inc. stock holds several negative signals and despite the positive trend, we believe Mullen Automotive, Inc. will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.

Check full Mullen Automotive, Inc. forecast and analysis here.