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Volatile ride for Mullen Automotive, Inc. stock price on Monday moving between $1.35 and $1.54

StockInvest.us, 3 months ago

Mullen Automotive

The Mullen Automotive, Inc. stock price gained 8.66% on the last trading day (Monday, 6th Jun 2022), rising from $1.27 to $1.38. , and has now gained 3 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 day the stock fluctuated 14.07% from a day low at $1.35 to a day high of $1.54. The price has been going up and down for this period, and there has been a 25.45% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 30 million more shares were traded than the day before. In total, 120 million shares were bought and sold for approximately $166.05 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.Due to the high volatility and the trend direction we are not able to give forecast range for this stock. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.

Mullen Automotive

The Mullen Automotive, 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 $1.24 and $1.22. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Tuesday, March 22, 2022, and so far it has fallen -58.31%. Further fall is indicated until a new bottom pivot has been found.

Mullen Automotive, Inc. finds support from accumulated volume at $1.35 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 $0.19 between high and low, or 14.07%. For the last week, the stock has had a daily average volatility of 18.23%.

Mullen Automotive, Inc. 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.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.

Check full Mullen Automotive forecast and analysis here.