Green day on Friday for Mullen Automotive stock after gaining 2.53%

The Mullen Automotive stock price gained 2.53% on the last trading day (Friday, 3rd Mar 2023), rising from $0.214 to $0.219. During the last trading day the stock fluctuated 6.04% from a day low at $0.210 to a day high of $0.223. The price has fallen in 7 of the last 10 days and is down by -24.9% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 26 million more shares were traded than the day before. In total, 141 million shares were bought and sold for approximately $30.79 million.

The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $0.215 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift.Given the current short-term trend, the stock is expected to rise 17.5% during the next 3 months and, with a 90% probability hold a price between $0.252 and $0.520 at the end of this 3-month period.

Volume is rising along with the price. This is considered to be a good technical signal. 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 $0.225 and $0.314. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, February 06, 2023, and so far it has fallen -48.19%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Mullen Automotive finds support from accumulated volume at $0.217 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 $0.0127 between high and low, or 6.04%. For the last week, the stock has had daily average volatility of 9.83%.

Mullen Automotive is oversold on RSI14 (16). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.

The Mullen Automotive stock holds several negative signals and despite the positive trend, we believe Mullen Automotive will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.