Green day on Tuesday for Mullen Automotive stock after gaining 3.11%

The Mullen Automotive stock price gained 3.11% on the last trading day (Tuesday, 10th Jan 2023), rising from $0.366 to $0.377. During the last trading day the stock fluctuated 7.88% from a day low at $0.360 to a day high of $0.389. The price has risen in 6 of the last 10 days and is up by 61.01% over the past 2 weeks. Volume fell on the last day by -78 million shares and in total, 150 million shares were bought and sold for approximately $56.76 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 -15.33% during the next 3 months and, with a 90% probability hold a price between $0.117 and $0.398 at the end of this 3-month period.

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 $0.355 and $0.250. A breakdown below any of these levels will issue sell signals. 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. 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 Wednesday, October 26, 2022, and so far it has fallen -30.11%. Further fall is indicated until a new bottom pivot has been found.

On the downside, the stock finds support just below today's level from accumulated volume at $0.351 and $0.340.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 $0.351. If this is broken, then the next support from accumulated volume will be at $0.340 and $0.314.

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 $0.0284 between high and low, or 7.88%. For the last week, the stock has had daily average volatility of 22.01%.

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.