High volatility in Mullen Automotive stock price on Thursday which ended trading at $0.116

The Mullen Automotive stock price gained 5.36% on the last trading day (Thursday, 29th Jun 2023), rising from $0.110 to $0.116. During the last trading day the stock fluctuated 21.58% from a day low at $0.106 to a day high of $0.129. The price has fallen in 6 of the last 10 days and is down by -48.44% for this period. Volume fell on the last day by -14 million shares and in total, 380 million shares were bought and sold for approximately $44.05 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 the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $0.245 will firstly indicate a slower falling rate, but may be the first sign of a trend shift.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.

A buy signal was issued from a pivot bottom point on Wednesday, June 28, 2023, and so far it has risen 5.36%. Further rise is indicated until a new top 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. 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 $0.155 and $0.652. A break-up above any of these levels will issue buy signals.

On the downside, the stock finds support just below today's level from accumulated volume at $0.110.With no support from accumulated volume below today's level the risk is increased, as a drop below the support at $ 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 $0.0229 between high and low, or 21.58%. For the last week, the stock has had daily average volatility of 22.67%.

Mullen Automotive is oversold on RSI14 (16). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.

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