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Volatile ride for Mullen Automotive stock price on Friday moving between $13.79 and $17.99

StockInvest.us, 2 months ago

Mullen Automotive

The Mullen Automotive stock price gained 1.20% on the last trading day (Friday, 29th Dec 2023), rising from $14.12 to $14.29. During the last trading day the stock fluctuated 30.42% from a day low at $13.79 to a day high of $17.99. The price has been going up and down for this period, and there has been a 9.92% gain for the last 2 weeks. Volume fell on the last day by -1 million shares and in total, 5 million shares were bought and sold for approximately $68.17 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.

On Nov 01, 2022, it was reported that Citigroup gave MULN a "Reduce" grade with a "downgrade" action.

Given the current short-term trend, the stock is expected to fall -71.41% during the next 3 months and, with a 90% probability hold a price between $1.30 and $4.09 at the end of this 3-month period. 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

A buy signal was issued from a pivot bottom point on Wednesday, December 20, 2023, and so far it has risen 78.63%. 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Mullen Automotive stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $15.47. On a fall, the stock will find some support from the short-term average at $11.79. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal.

Mullen Automotive finds support from accumulated volume at $14.25 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 $4.20 between high and low, or 30.42%. For the last week, the stock has had daily average volatility of 31.76%.

Mullen Automotive 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.We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.

Check full Mullen Automotive forecast and analysis here.