Mullen Automotive, Inc. stock price down 1.41% on Friday
(Updated on May 27, 2022)
Sell candidate since 2022-04-18 Loss -47.49% PDF
The Mullen Automotive, Inc. stock price fell by -1.41% on the last day (Friday, 27th May 2022) from $0.98 to $0.97. and has now fallen 3 days in a row. During the day the stock fluctuated 8.42% from a day low at $0.95 to a day high of $1.03. The price has fallen in 7 of the last 10 days and is down by -2.33% for this period. Volume has increased on the last day by 4 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, 37 million shares were bought and sold for approximately $35.66 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. Due to the high volatility and the trend direction we are not able to give forecast range for this stock.
Signals & Forecast
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, Inc. 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 $1.02 and $1.38. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, March 22, 2022, and so far it has fallen -70.81%. 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.
Support, Risk & Stop-loss
On the downside, the stock finds support just below today's level from accumulated volume at $0.89 and $0.87. There is natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Mullen Automotive, Inc. finds support just below today's level at $0.89. If this is broken, then the next support from accumulated volume will be at $0.87 and $0.79.
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 $0.0800 between high and low, or 8.42%. For the last week, the stock has had a daily average volatility of 7.31%.
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 Tuesday 31st
For the upcoming trading day on Tuesday 31st we expect Mullen Automotive, Inc. to open at $0.98, and during day (based on 14 day Average True Range), to move between $0.80 and $1.14, which gives a possible trading interval of +/-$0.17 (+/-17.57%) up or down from last closing price. If Mullen Automotive, Inc. takes out the full calculated possible swing range there will be an estimated 35.14% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.98 (1.43%) than the support at $0.89 (7.89%), our systems don't find the trading risk/reward intra-day attractive and any bets should be hold until the stock is closer to the support level.
Is Mullen Automotive, Inc. stock A Buy?
Mullen Automotive, Inc. 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: -6.647Strong Sell Candidate Unchanged
Predicted Opening Price for Mullen Automotive, Inc. of Tuesday, May 31, 2022
The predicted opening price is based on yesterday's movements between high, low, and the closing price.
|Fair opening price May 31, 2022||Current price|
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