Mullen Automotive stock price up more than 9.02% on MondayStockInvest.us, 1 month ago
The Mullen Automotive stock price gained 9.02% on the last trading day (Monday, 15th Aug 2022), rising from $0.83 to $0.91. , and 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 9.41% from a day low at $0.85 to a day high of $0.93. The price has risen in 7 of the last 10 days and is up by 4.86% 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, 23 million more shares were traded than the day before. In total, 112 million shares were bought and sold for approximately $101.86 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 -21.66% during the next 3 months and, with a 90% probability hold a price between $0.60 and $1.08 at the end of this 3-month period.
A buy signal was issued from a pivot bottom point on Tuesday, August 09, 2022, and so far it has risen 15.40%. Further rise is indicated until a new top pivot has been found. 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 $0.99. On a fall, the stock will find some support from the short-term average at $0.83. 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.
Mullen Automotive finds support from accumulated volume at $0.87 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 $0.0800 between high and low, or 9.41%. For the last week, the stock has had a daily average volatility of 6.77%.
Mullen Automotive holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.Check full Mullen Automotive forecast and analysis here.