High volatility in Mullen Automotive, Inc. stock price on Friday which ended trading at $0.69

The Mullen Automotive, Inc. stock price gained 11.15% on the last trading day (Friday, 25th Feb 2022), rising from $0.62 to $0.69. During the day the stock fluctuated 29.23% from a day low at $0.65 to a day high of $0.84. The price has fallen in 8 of the last 10 days and is down by -60.23% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 59 million more shares were traded than the day before. In total, 106 million shares were bought and sold for approximately $72.70 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.Given the current short-term trend, the stock is expected to fall -81.27% during the next 3 months and, with a 90% probability hold a price between $0.0503 and $0.30 at the end of this 3-month period. 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.

A buy signal was issued from a pivot bottom point on Tuesday, February 22, 2022, and so far it has risen 12.79%. Further rise is indicated until a new top pivot has been found. 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, Inc. 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 $0.69 and $2.64. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

On the downside, the stock finds support just below today's level from accumulated volume at $0.63 and $0.62.There is 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, Inc. finds support just below today's level at $0.63. If this is broken, then the next support from accumulated volume will be at $0.62 and $0.61.

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 $0.19 between high and low, or 29.23%. For the last week, the stock has had a daily average volatility of 27.83%.

Mullen Automotive, Inc. is oversold on RSI14 (4). Some stocks may fall long and hard while being oversold on RSI, but stocks that are heavily oversold on RSI often pose good re-bounce chance and played well it can be a buy candidate.

Mullen Automotive, Inc. 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.We have upgraded our analysis conclusion for this stock since the last evaluation from a Strong Sell to a Sell candidate.