Big movements in Mullen Automotive stock price on Wednesday moving 21.30% between high and low

The Mullen Automotive stock price gained 4.35% on the last trading day (Wednesday, 4th Jan 2023), rising from $0.322 to $0.336. It has now gained 5 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 21.30% from a day low at $0.279 to a day high of $0.339. The price has risen in 6 of the last 10 days and is up by 23.62% over the past 2 weeks. Volume fell on the last day by -15 million shares and in total, 200 million shares were bought and sold for approximately $67.17 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.

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 -22.73% during the next 3 months and, with a 90% probability hold a price between $0.116 and $0.341 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 $0.267 and $0.239. 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 77.23%. 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 fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.

On the downside, the stock finds support just below today's level from accumulated volume at $0.314 and $0.302.There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Mullen Automotive finds support just below today's level at $0.314. If this is broken, then the next support from accumulated volume will be at $0.302 and $0.263.

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 $0.0595 between high and low, or 21.30%. For the last week, the stock has had daily average volatility of 17.41%.

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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate.