High volatility in Mullen Automotive stock price on Thursday which ended trading at $0.273

The Mullen Automotive stock price gained 2.84% on the last trading day (Thursday, 17th Nov 2022), rising from $0.265 to $0.273. During the last trading day the stock fluctuated 21.51% from a day low at $0.270 to a day high of $0.328. The price has fallen in 7 of the last 10 days and is down by -9.36% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 74 million more shares were traded than the day before. In total, 214 million shares were bought and sold for approximately $58.45 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.Given the current short-term trend, the stock is expected to fall -49.02% during the next 3 months and, with a 90% probability hold a price between $0.0370 and $0.222 at the end of this 3-month period. 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.

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. 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 $0.292 and $0.335. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, October 26, 2022, and so far it has fallen -49.44%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Mullen Automotive finds support from accumulated volume at $0.271 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 $0.0581 between high and low, or 21.51%. For the last week, the stock has had daily average volatility of 12.70%.

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.