High volatility in Mullen Automotive stock price on Monday which ended trading at $0.195

The Mullen Automotive stock price gained 1.35% on the last trading day (Monday, 10th Jul 2023), rising from $0.192 to $0.195. During the last trading day the stock fluctuated 26.01% from a day low at $0.176 to a day high of $0.222. The price has been going up and down for this period, and there has been a 14.68% gain for the last 2 weeks. Volume fell on the last day by -139 million shares and in total, 583 million shares were bought and sold for approximately $113.46 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 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 $0.130, a level that may pose a second chance to hit a runner. According to fan-theory $0.752 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.

There are mixed signals in the stock today. The Mullen Automotive stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $0.458. On a fall, the stock will find some support from the short-term average at $0.157. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. A sell signal was issued from a pivot top point on Thursday, July 06, 2023, and so far it has fallen -11.79%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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.

Mullen Automotive finds support from accumulated volume at $0.192 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 $0.0458 between high and low, or 26.01%. For the last week, the stock has had daily average volatility of 40.74%.

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.