Big movements in Mullen Automotive stock price on Friday moving 11.95% between high and low

The Mullen Automotive stock price gained 1.03% on the last trading day (Friday, 10th Feb 2023), rising from $0.360 to $0.364. During the last trading day the stock fluctuated 11.95% from a day low at $0.331 to a day high of $0.370. The price has risen in 6 of the last 10 days and is up by 11.35% over the past 2 weeks. Volume fell on the last day by -26 million shares and in total, 109 million shares were bought and sold for approximately $39.60 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 stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled.Given the current short-term trend, the stock is expected to rise 53.37% during the next 3 months and, with a 90% probability hold a price between $0.453 and $0.748 at the end of this 3-month period.

The Mullen Automotive stock holds a sell signal from the short-term moving average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term moving average at approximately $0.392. On a fall, the stock will find some support from the long-term average at approximately $0.329. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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, February 06, 2023, and so far it has fallen -13.89%. Further fall is indicated until a new bottom pivot has been found.

Mullen Automotive finds support from accumulated volume at $0.349 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 $0.0395 between high and low, or 11.95%. For the last week, the stock has had daily average volatility of 11.70%.

Mullen Automotive 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.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.