Green day on Friday for Mullen Automotive stock after gaining 2.37%
(Updated on Sep 29, 2023)
The Mullen Automotive stock price gained 2.37% on the last trading day (Friday, 29th Sep 2023), rising from $0.444 to $0.454. During the last trading day the stock fluctuated 5.14% from a day low at $0.438 to a day high of $0.460. The price has fallen in 7 of the last 10 days and is down by -33.24% for this period. Volume fell on the last day by -16 million shares and in total, 26 million shares were bought and sold for approximately $11.66 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.
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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.
MULN Signals & Forecast
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 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 $0.506 and $0.607. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, July 06, 2023, and so far it has fallen -77.12%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Mullen Automotive stock
Mullen Automotive finds support from accumulated volume at $0.450 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 $0.0225 between high and low, or 5.14%. For the last week, the stock has had daily average volatility of 10.44%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (MULN) For The Upcoming Trading Day Of Monday 2nd
For the upcoming trading day on Monday, 2nd we expect Mullen Automotive, Inc. to open at $0.451, and during the day (based on 14 day Average True Range), to move between $0.356 and $0.552, which gives a possible trading interval of +/-$0.0979 (+/-21.57%) up or down from last closing price. If Mullen Automotive, Inc. takes out the full calculated possible swing range there will be an estimated 43.13% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.450 (0.84%) than the resistance at $0.490 (7.93%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Mullen Automotive, Inc. stock A Buy?
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.
Current score: -5.714 Open Broker AccountStrong Sell Candidate Unchanged
Predicted Opening Price for Mullen Automotive, Inc. of Monday, October 2, 2023
The predicted opening price is based on yesterday's movements between high, low, and closing price.
|Fair opening price October 2, 2023||Current price|
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Fibonacci Support & Resistance Levels
Accumulated Volume Support & Resistance Levels
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About Mullen Automotive, Inc.
Mullen Automotive, Inc., an electric vehicle company, manufactures and distributes electric vehicles. It also operates CarHub, a digital platform that leverages AI to offer an interactive solution for buying, selling, and owning a car; and provides battery technology and emergency point-of-care solutions. The company was founded in 2014 and is based in Brea, California.... MULN Profile
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