Green day on Wednesday for Mullen Automotive

The Mullen Automotive stock price gained 2.15% on the last trading day (Wednesday, 1st Feb 2023), rising from $0.344 to $0.351. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 7.41% from a day low at $0.332 to a day high of $0.357. The price has risen in 6 of the last 10 days and is up by 25.24% over the past 2 weeks. Volume fell on the last day by -66 million shares and in total, 147 million shares were bought and sold for approximately $51.63 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 strong rising trend in the short term and a further rise within the trend is signaled.Given the current short-term trend, the stock is expected to rise 24.5% during the next 3 months and, with a 90% probability hold a price between $0.303 and $0.552 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 $0.330 and $0.302. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, January 19, 2023, and so far it has risen 30.11%. Further rise is indicated until a new top pivot has been found. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Mullen Automotive finds support from accumulated volume at $0.349 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 $0.0246 between high and low, or 7.41%. For the last week, the stock has had daily average volatility of 9.42%.

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Mullen Automotive stock to perform well in the short-term.