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Volatile ride for Mullen Automotive, Inc. stock price on Monday moving between $2.40 and $2.78

StockInvest.us, 1 month ago


The Mullen Automotive, Inc. stock price gained 4.26% on the last trading day (Monday, 28th Mar 2022), rising from $2.35 to $2.45. During the day the stock fluctuated 15.83% from a day low at $2.40 to a day high of $2.78. The price has risen in 6 of the last 10 days and is up by 38.42% over the past 2 weeks. Volume fell on the last day by -30 million shares and in total, 151 million shares were bought and sold for approximately $370.53 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 lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $3.07 will firstly indicate a slower falling rate, but may be the first sign of a trend shift.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, Inc.

The Mullen Automotive, Inc. stock holds a sell signal from the short-term moving average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term moving average at approximately $2.90. On a fall, the stock will find some support from the long-term average at approximately $1.58. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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. 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 -25.98%. Further fall is indicated until a new bottom pivot has been found.

Mullen Automotive, Inc. finds support from accumulated volume at $2.44 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 $0.38 between high and low, or 15.83%. For the last week, the stock has had a daily average volatility of 19.40%.

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.

Check full Mullen Automotive, Inc. forecast and analysis here.