Green day on Wednesday for Mullen Automotive

The Mullen Automotive stock price gained 2.87% on the last trading day (Wednesday, 24th Aug 2022), rising from $0.68 to $0.70. During the last trading day the stock fluctuated 5.06% from a day low at $0.69 to a day high of $0.72. The price has fallen in 6 of the last 10 days and is down by -13.83% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 21 million more shares were traded than the day before. In total, 68 million shares were bought and sold for approximately $47.43 million.

The stock lies in the lower of a very wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $0.67 is broken, it will firstly indicate a stronger fall rate.Given the current short-term trend, the stock is expected to fall -32.80% during the next 3 months and, with a 90% probability hold a price between $0.45 and $0.80 at the end of this 3-month period.

There are mixed signals in the stock today. 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 $0.77 and $0.92. A break-up above any of these levels will issue buy signals. A buy signal was issued from a pivot bottom point on Tuesday, August 23, 2022, and so far it has risen 2.87%. 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 is rising along with the price. This is considered to be a good technical signal.

Mullen Automotive finds support from accumulated volume at $0.68 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 much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.0349 between high and low, or 5.06%. For the last week, the stock has had a daily average volatility of 8.65%.

Mullen Automotive holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.