Big movements in Mullen Automotive stock price on Monday moving 19.76% between high and low

The Mullen Automotive stock price gained 32.94% on the last trading day (Monday, 24th Oct 2022), rising from $0.376 to $0.500. It has now gained 5 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 19.76% from a day low at $0.454 to a day high of $0.544. The price has been going up and down for this period, and there has been a 90.33% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 300 million more shares were traded than the day before. In total, 490 million shares were bought and sold for approximately $245.05 million.

Given the current short-term trend, the stock is expected to fall -59.55% during the next 3 months and, with a 90% probability hold a price between $0.0689 and $0.202 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.

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 $0.321 and $0.396. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, October 18, 2022, and so far it has risen 131.05%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.

On the downside, the stock finds support just below today's level from accumulated volume at $0.406 and $0.400.There is a 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 finds support just below today's level at $0.406. If this is broken, then the next support from accumulated volume will be at $0.400 and $0.376.

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 $0.0897 between high and low, or 19.76%. For the last week, the stock has had daily average volatility of 35.86%.

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.