Big movements in Mullen Automotive stock price on Monday moving 10.76% between high and low

The Mullen Automotive stock price fell by -12.01% on the last day (Monday, 19th Dec 2022) from $0.311 to $0.274. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 10.76% from a day low at $0.265 to a day high of $0.293. The price has been going up and down for this period, and there has been a 41.48% gain for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -164 million shares and in total, 142 million shares were bought and sold for approximately $39.02 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 -27.14% during the next 3 months and, with a 90% probability hold a price between $0.0756 and $0.323 at the end of this 3-month period.

The Mullen Automotive 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 $0.251 and $0.259. 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). 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 Thursday, December 15, 2022, and so far it has fallen -12.35%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

Mullen Automotive finds support from accumulated volume at $0.271 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 $0.0285 between high and low, or 10.76%. For the last week, the stock has had daily average volatility of 23.84%.

Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.