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Volatile ride for Faraday Future Intelligent Electric Inc. stock price on Wednesday moving between $0.388 and $0.98

StockInvest.us, 1 month ago

Faraday Future Intelligent Electric Inc.

The Faraday Future Intelligent Electric Inc. stock price gained 147.19% on the last trading day (Wednesday, 15th May 2024), rising from $0.285 to $0.705. It 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 152.38% from a day low at $0.388 to a day high of $0.98. The price has risen in 7 of the last 10 days and is up by 1429.28% over the past 2 weeks. Volume fell on the last day by -212 million shares and in total, 1 billion shares were bought and sold for approximately $915.37 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.

The stock has broken the very wide and horizontal trend up. Breaks like this are often followed by swift and strong movements, and any correction down to the breakline at approximately. $0.197 is considered to be a "second chance" to hit a potential runner. It is, however, important that volume does follow the price as false breaks may appear and it may move back into the horizontal trend. Based on the rectangle-formation theory the stock is predicted to reach $0.354 sometime during the next 3 months.

Faraday Future Intelligent Electric Inc.

The Faraday Future Intelligent Electric Inc. stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $0.175 and $0.0898. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, May 02, 2024, and so far it has risen 1,658.10%. 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 fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.

There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.

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 $0.592 between high and low, or 152.38%. For the last week, the stock has had daily average volatility of 106.95%.

The Faraday Future Intelligent Electric Inc. stock is extremely overbought on RSI14 (98). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.

Faraday Future Intelligent Electric Inc. 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.

Check full Faraday Future Intelligent Electric Inc. forecast and analysis here.