Big movements in Mullen Automotive stock price on Wednesday moving 23.34% between high and low

The Mullen Automotive stock price fell by -22.25% on the last day (Wednesday, 12th Jul 2023) from $0.182 to $0.142. During the last trading day the stock fluctuated 23.34% from a day low at $0.140 to a day high of $0.173. The price has fallen in 6 of the last 10 days but is still up by 3.44% over the past 2 weeks. Volume has increased on the last day by 189 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, 512 million shares were bought and sold for approximately $72.39 million.

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 $0.0494, a level that may pose a second chance to hit a runner. According to fan-theory $0.533 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.

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. 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 $0.172 and $0.403. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, July 06, 2023, and so far it has fallen -35.83%. 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 $0.137 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 $0.0327 between high and low, or 23.34%. For the last week, the stock has had daily average volatility of 30.22%.

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.