Big movements in Mullen Automotive stock price on Thursday moving 48.76% between high and low

The Mullen Automotive stock price gained 16.27% on the last trading day (Thursday, 15th Jun 2023), rising from $0.225 to $0.262. During the last trading day the stock fluctuated 48.76% from a day low at $0.201 to a day high of $0.299. The price has fallen in 8 of the last 10 days and is down by -64.86% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 231 million more shares were traded than the day before. In total, 386 million shares were bought and sold for approximately $100.94 million.

The stock lies in the lower of a very wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $0.175 is broken, it will firstly indicate a stronger fall rate.Given the current short-term trend, the stock is expected to fall -82.06% during the next 3 months and, with a 90% probability hold a price between $0.0314 and $0.123 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.

A buy signal was issued from a pivot bottom point on Wednesday, June 14, 2023, and so far it has risen 16.27%. 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. 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. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $0.373 and $1.04. A break-up above any of these levels will issue buy signals.

On the downside, the stock finds support just below today's level from accumulated volume at $0.225.With no support from accumulated volume below today's level the risk is increased, as a drop below the support at $ may give a huge drop in the stock price.

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 $0.0980 between high and low, or 48.76%. For the last week, the stock has had daily average volatility of 24.86%.

Mullen Automotive is oversold on RSI14 (7). Some stocks may fall long and hard while being oversold on RSI, but stocks that are heavily oversold on RSI often pose good re-bounce chance and played well it can be a buy candidate.

Mullen Automotive holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.We have upgraded our analysis conclusion for this stock since the last evaluation from a Strong Sell to a Sell candidate.