Big movements in Mullen Automotive stock price on Thursday moving 74.55% between high and low

The Mullen Automotive stock price fell by -7.50% on the last day (Thursday, 24th Aug 2023) from $0.80 to $0.740. During the last trading day the stock fluctuated 74.55% from a day low at $0.550 to a day high of $0.96. The price has fallen in 7 of the last 10 days and is down by -27.24% for this period. Volume has increased on the last day by 130 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 331 million shares were bought and sold for approximately $244.61 million.

On Nov 01, 2022, it was reported that Citigroup gave MULN a "Reduce" grade with a "downgrade" action.

The stockhas broken the very wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is $0.717, a level that may pose a second chance to hit a runner. According to fan-theory $3.59 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.Due to the high volatility and the trend direction we are not able to give forecast range for this stock. 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.

There are few to no technical positive signals at the moment. The Mullen Automotive stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $1.13. On a fall, the stock will find some support from the short-term average at $0.721. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. A sell signal was issued from a pivot top point on Wednesday, August 23, 2023, and so far it has fallen -7.50%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.

On the downside, the stock finds support just below today's level from accumulated volume at $0.643 and $0.621.With no support from accumulated volume below today's level the risk is increased, as a drop below the support at $0.621 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 $0.410 between high and low, or 74.55%. For the last week, the stock has had daily average volatility of 52.39%.

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.