Big movements in Mullen Automotive stock price on Tuesday moving 14.31% between high and low

The Mullen Automotive stock price gained 12.41% on the last trading day (Tuesday, 3rd Jan 2023), rising from $0.286 to $0.322. It has now gained 4 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 14.31% from a day low at $0.289 to a day high of $0.330. The price has been going up and down for this period, and there has been a 6.39% 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, 14 million more shares were traded than the day before. In total, 215 million shares were bought and sold for approximately $69.23 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 -24.49% during the next 3 months and, with a 90% probability hold a price between $0.112 and $0.329 at the end of this 3-month period.

Mostly positive signals in the chart today. The Mullen Automotive stock holds buy signals from both short and long-term moving averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $0.252 and $0.238. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, December 06, 2022, and so far it has risen 69.84%. 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.

Mullen Automotive finds support from accumulated volume at $0.314 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 $0.0413 between high and low, or 14.31%. For the last week, the stock has had daily average volatility of 14.94%.

Mullen Automotive holds several positive signals and despite the stock being in a falling trend, we considered it to be a good choice at these current levels. We expect Mullen Automotive stock will perform very well in the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.