High volatility in Mullen Automotive stock price on Friday which ended trading at $0.157

No changes to the price of Mullen Automotive stock on the last trading day (Friday, 14th Jul 2023). During the last trading day the stock fluctuated 17.12% from a day low at $0.150 to a day high of $0.176. The price has fallen in 5 of the last 10 days but is still up by 35% over the past 2 weeks.

The stockhas broken the very wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is -$0.0217, a level that may pose a second chance to hit a runner. According to fan-theory $0.333 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.Due to the high volatility and the trend direction we are not able to give forecast range for this stock. 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.

Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. 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 $0.178 and $0.359. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, July 06, 2023, and so far it has fallen -28.98%. Further fall is indicated until a new bottom pivot has been found. Volume fell during the last trading day while price remained unchanged. This may be an early warning, but it may also not. We still recommend that you pay attention over the next couple of days.

On the downside, the stock finds support just below today's level from accumulated volume at $0.142 and $0.137.With no support from accumulated volume below today's level the risk is increased, as a drop below the support at $0.137 may give a huge drop in the stock price.

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 $0.0257 between high and low, or 17.12%. For the last week, the stock has had daily average volatility of 19.29%.

Mullen Automotive 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.