Big movements in Mullen Automotive stock price on Wednesday moving 12.50% between high and low

The Mullen Automotive stock price fell by -6.75% on the last day (Wednesday, 18th Jan 2023) from $0.301 to $0.281. It has now fallen 5 days in a row. During the last trading day the stock fluctuated 12.50% from a day low at $0.280 to a day high of $0.315. The price has fallen in 6 of the last 10 days and is down by -12.75% for this period. Volume has increased on the last day by 32 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, 189 million shares were bought and sold for approximately $52.93 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 -17.73% during the next 3 months and, with a 90% probability hold a price between $0.119 and $0.371 at the end of this 3-month period.

The Mullen Automotive stock holds a sell signal from the short-term moving average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term moving average at approximately $0.353. On a fall, the stock will find some support from the long-term average at approximately $0.267. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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, January 05, 2023, and so far it has fallen -32.89%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.

Mullen Automotive finds support from accumulated volume at $0.280 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 $0.0350 between high and low, or 12.50%. For the last week, the stock has had daily average volatility of 11.88%.

Mullen Automotive holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.