Big movements in Mullen Automotive stock price on Wednesday moving 32.64% between high and low

The Mullen Automotive stock price fell by -30.02% on the last day (Wednesday, 14th Jun 2023) from $0.322 to $0.225. It has now fallen 8 days in a row. During the last trading day the stock fluctuated 32.64% from a day low at $0.221 to a day high of $0.293. The price has fallen in 8 of the last 10 days and is down by -69.01% for this period. Volume has increased on the last day by 63 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, 155 million shares were bought and sold for approximately $34.94 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.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 $0.422 and $1.09. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, March 31, 2023, and so far it has fallen -93.15%. 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.

There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.

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 $0.0721 between high and low, or 32.64%. For the last week, the stock has had daily average volatility of 18.49%.

Mullen Automotive is oversold on RSI14 (19). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.

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.