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Mullen Automotive stock upgraded to Sell Candidate.

StockInvest.us, 1 month ago

Mullen Automotive

The Mullen Automotive stock price gained 1.82% on the last trading day (Friday, 12th Aug 2022), rising from $0.82 to $0.83. , and has now gained 4 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 9.90% from a day low at $0.78 to a day high of $0.86. The price has risen in 7 of the last 10 days and is up by 5.18% 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, 37 million more shares were traded than the day before. In total, 89 million shares were bought and sold for approximately $74.45 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 -20.19% during the next 3 months and, with a 90% probability hold a price between $0.51 and $1.11 at the end of this 3-month period.

Mullen Automotive

There are mixed signals in the stock today. 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 $1.01. On a fall, the stock will find some support from the short-term average at $0.82. 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, June 22, 2022, and so far it has fallen -47.89%. 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 is rising along with the price. This is considered to be a good technical signal.

Mullen Automotive finds support from accumulated volume at $0.82 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 $0.0775 between high and low, or 9.90%. For the last week, the stock has had a daily average volatility of 6.56%.

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.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.