Mullen Automotive stock downgraded to Strong Sell Candidate
(Updated on Sep 30, 2022)
Sell candidate since 2022-08-16 Loss -63.37% PDF
The Mullen Automotive stock price fell by -2.56% on the last day (Friday, 30th Sep 2022) from $0.34 to $0.33. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 5.72% from a day low at $0.32 to a day high of $0.34. The price has fallen in 8 of the last 10 days and is down by -34.74% for this period. Volume has increased on the last day by 22 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, 70 million shares were bought and sold for approximately $23.01 million.
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. Given the current short-term trend, the stock is expected to fall -62.11% during the next 3 months and, with a 90% probability hold a price between $0.0882 and $0.19 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.
Signals & Forecast
There are few to no technical positive signals at the moment. 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 $0.35 and $0.59. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, September 23, 2022, and so far it has fallen -18.05%. 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). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss
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 $0.0183 between high and low, or 5.72%. For the last week, the stock has had daily average volatility of 12.25%.
Mullen Automotive is oversold on RSI14 (18). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations For The Upcoming Trading Day Of Monday 3rd
For the upcoming trading day on Monday, 3rd we expect Mullen Automotive, Inc. to open at $0.33, and during the day (based on 14 day Average True Range), to move between $0.27 and $0.39, which gives a possible trading interval of +/-$0.0591 (+/-18.03%) up or down from last closing price. If Mullen Automotive, Inc. takes out the full calculated possible swing range there will be an estimated 36.06% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $0.0044 (1.34%) our system find the risk reward not very attractive.
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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Strong Sell candidate.
Current score: -6.308Strong Sell Candidate Downgraded
Predicted Opening Price for Mullen Automotive, Inc. of Monday, October 3, 2022
The predicted opening price is based on yesterday's movements between high, low, and closing price.
|Fair opening price October 3, 2022||Current price|
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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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