Big movements in Mullen Automotive stock price on Thursday moving 23.19% between high and low

The Mullen Automotive stock price gained 24.38% on the last trading day (Thursday, 29th Dec 2022), rising from $0.212 to $0.264. During the last trading day the stock fluctuated 23.19% from a day low at $0.217 to a day high of $0.268. The price has fallen in 6 of the last 10 days but is still up by 0.19% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 103 million more shares were traded than the day before. In total, 209 million shares were bought and sold for approximately $55.02 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 -26.05% during the next 3 months and, with a 90% probability hold a price between $0.111 and $0.319 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 $0.229 and $0.238. 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 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. A sell signal was issued from a pivot top point on Thursday, December 15, 2022, and so far it has fallen -16.04%. Further fall is indicated until a new bottom pivot has been found.

Mullen Automotive finds support from accumulated volume at $0.263 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 $0.0504 between high and low, or 23.19%. For the last week, the stock has had daily average volatility of 13.00%.

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 Sell to a Buy candidate.