High volatility in Mullen Automotive stock price on Monday which ended trading at $0.378

The Mullen Automotive stock price gained 3.82% on the last trading day (Monday, 13th Feb 2023), rising from $0.364 to $0.378. 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 11.03% from a day low at $0.360 to a day high of $0.400. The price has risen in 7 of the last 10 days and is up by 15.74% over the past 2 weeks. Volume fell on the last day by -975 thousand shares and in total, 108 million shares were bought and sold for approximately $40.75 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 57.37% during the next 3 months and, with a 90% probability hold a price between $0.478 and $0.779 at the end of this 3-month period.

The Mullen Automotive stock holds a sell signal from the short-term moving average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term moving average at approximately $0.391. On a fall, the stock will find some support from the long-term average at approximately $0.333. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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. 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 Monday, February 06, 2023, and so far it has fallen -10.60%. Further fall is indicated until a new bottom pivot has been found.

On the downside, the stock finds support just below today's level from accumulated volume at $0.349 and $0.314.There is a 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 finds support just below today's level at $0.349. If this is broken, then the next support from accumulated volume will be at $0.314 and $0.302.

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 $0.0397 between high and low, or 11.03%. For the last week, the stock has had daily average volatility of 12.22%.

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.We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.