Big movements in Mullen Automotive, Inc. stock price on Wednesday moving 17.11% between high and low

The Mullen Automotive, Inc. stock price gained 9.38% on the last trading day (Wednesday, 16th Mar 2022), rising from $1.60 to $1.75. During the day the stock fluctuated 17.11% from a day low at $1.52 to a day high of $1.78. The price has been going up and down for this period, and there has been a 78.83% gain for the last 2 weeks. Volume fell on the last day by -86 million shares and in total, 141 million shares were bought and sold for approximately $246.57 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.

The stockhas broken the very wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is $1.58, a level that may pose a second chance to hit a runner. According to fan-theory $4.07 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.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.

The Mullen Automotive, Inc. stock holds buy signals from both short and long-term moving averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $1.42 and $1.62. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Monday, March 14, 2022, and so far it has fallen -1.13%. Further fall is indicated until a new bottom pivot has been found.

Mullen Automotive, Inc. finds support from accumulated volume at $1.69 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 $0.26 between high and low, or 17.11%. For the last week, the stock has had a daily average volatility of 30.45%.

Mullen Automotive, Inc. 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.