Volatile ride for Mullen Automotive stock price on Tuesday moving between $0.82 and $1.01StockInvest.us, 2 months ago
The Mullen Automotive stock price fell by -14.36% on the last day (Tuesday, 26th Jul 2022) from $1.02 to $0.87. During the day the stock fluctuated 23.01% from a day low at $0.82 to a day high of $1.01. The price has fallen in 5 of the last 10 days and is down by -21.31% for this period. Volume has increased on the last day by 82 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 102 million shares were bought and sold for approximately $88.89 million.
The stock lies in the lower of a very wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $0.73 is broken, it will firstly indicate a stronger fall rate.Given the current short-term trend, the stock is expected to fall -5.29% during the next 3 months and, with a 90% probability hold a price between $0.69 and $1.48 at the end of this 3-month period.
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Mullen Automotive stock holds sell signals from both short and long-term moving averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $1.04 and $1.17. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, June 22, 2022, and so far it has fallen -45.41%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Mullen Automotive finds support from accumulated volume at $0.87 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 much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.19 between high and low, or 23.01%. For the last week, the stock has had a daily average volatility of 9.25%.
Mullen Automotive holds several negative signals and is within a very wide and falling trend, so we believe 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 forecast and analysis here.