High volatility in Mullen Automotive, Inc. stock price on Friday which ended trading at $1.27

The Mullen Automotive, Inc. stock price gained 2.07% on the last trading day (Friday, 3rd Jun 2022), rising from $1.24 to $1.27. During the day the stock fluctuated 12.90% from a day low at $1.24 to a day high of $1.40. The price has been going up and down for this period, and there has been a 24.51% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 6 million more shares were traded than the day before. In total, 90 million shares were bought and sold for approximately $114.44 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.Due to the high volatility and the trend direction we are not able to give forecast range for this stock.

The Mullen Automotive, Inc. stock holds buy signals from both short and long-term moving averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $1.19 and $1.25. 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 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. A sell signal was issued from a pivot top point on Tuesday, March 22, 2022, and so far it has fallen -61.63%. Further fall is indicated until a new bottom pivot has been found.

Mullen Automotive, Inc. finds support from accumulated volume at $1.24 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 $0.16 between high and low, or 12.90%. For the last week, the stock has had a daily average volatility of 17.10%.

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