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Very red day for Mullen Automotive stock price after -7.34% fall in Thursday trading session

StockInvest.us, 1 month ago

Mullen Automotive

The Mullen Automotive stock price fell by -7.34% on the last day (Thursday, 28th Jul 2022) from $0.87 to $0.81. and has now fallen 4 days in a row. During the day the stock fluctuated 4.99% from a day low at $0.80 to a day high of $0.84. The price has fallen in 5 of the last 10 days and is down by -23.31% 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 -11 million shares and in total, 44 million shares were bought and sold for approximately $35.59 million.

The stock lies in the lower of a very wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $0.70 is broken, it will firstly indicate a stronger fall rate.Given the current short-term trend, the stock is expected to fall -6.57% during the next 3 months and, with a 90% probability hold a price between $0.66 and $1.45 at the end of this 3-month period.

Mullen Automotive

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. 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 $0.97 and $1.14. 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 -49.68%. 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 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 finds support from accumulated volume at $0.80 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 much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.0399 between high and low, or 4.99%. For the last week, the stock has had a daily average volatility of 9.96%.

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.

Check full Mullen Automotive forecast and analysis here.