Big movements in Mullen Automotive stock price on Thursday moving 15.56% between high and low

The Mullen Automotive stock price gained 2.74% on the last trading day (Thursday, 22nd Dec 2022), rising from $0.223 to $0.229. During the last trading day the stock fluctuated 15.56% from a day low at $0.225 to a day high of $0.260. The price has been going up and down for this period, and there has been a 20.15% 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, 4 million more shares were traded than the day before. In total, 152 million shares were bought and sold for approximately $34.90 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 -33.92% during the next 3 months and, with a 90% probability hold a price between $0.106 and $0.199 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.

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. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Mullen Automotive stock holds sell signals from both short and long-term moving averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $0.261 and $0.244. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, December 15, 2022, and so far it has fallen -27.12%. Further fall is indicated until a new bottom pivot has been found.

On the downside, the stock finds support just below today's level from accumulated volume at $0.217 and $0.214.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 $0.217. If this is broken, then the next support from accumulated volume will be at $0.214 and $0.205.

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 $0.0350 between high and low, or 15.56%. For the last week, the stock has had daily average volatility of 15.82%.

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