Volatile ride for Mullen Automotive stock price on Friday moving between $0.315 and $0.350

StockInvest.us, 2 months ago

Mullen Automotive

The Mullen Automotive stock price gained 2.44% on the last trading day (Friday, 27th Jan 2023), rising from $0.319 to $0.327. During the last trading day the stock fluctuated 11.05% from a day low at $0.315 to a day high of $0.350. The price has fallen in 6 of the last 10 days and is down by -16.18% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 13 million more shares were traded than the day before. In total, 240 million shares were bought and sold for approximately $78.40 million.

The stock lies in the middle of a very wide and weak rising trend in the short term and a further rise within the trend is signaled.Given the current short-term trend, the stock is expected to rise 4.3% during the next 3 months and, with a 90% probability hold a price between $0.208 and $0.440 at the end of this 3-month period.

Mullen Automotive

The Mullen Automotive 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 $0.308 and $0.289. A breakdown below any of these levels will issue sell signals. 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 Thursday, January 05, 2023, and so far it has fallen -21.79%. 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).

Mullen Automotive finds support from accumulated volume at $0.314 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 $0.0348 between high and low, or 11.05%. For the last week, the stock has had daily average volatility of 13.74%.

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Mullen Automotive stock to perform well in the short-term.We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.

Check full Mullen Automotive forecast and analysis here.