High volatility in Mullen Automotive stock price on Thursday which ended trading at $0.301

The Mullen Automotive stock price fell by -16.05% on the last day (Thursday, 3rd Nov 2022) from $0.359 to $0.301. It has now fallen 7 days in a row. During the last trading day the stock fluctuated 19.67% from a day low at $0.300 to a day high of $0.359. The price has fallen in 6 of the last 10 days and is down by -14.07% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -38 million shares and in total, 214 million shares were bought and sold for approximately $64.44 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 -53.76% during the next 3 months and, with a 90% probability hold a price between $0.0510 and $0.225 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.

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. On corrections up, there will be some resistance from the lines at $0.447 and $0.366. 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 -44.22%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

On the downside, the stock finds support just below today's level from accumulated volume at $0.263 and $0.254.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 $0.263. If this is broken, then the next support from accumulated volume will be at $0.254 and $0.231.

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 $0.0590 between high and low, or 19.67%. For the last week, the stock has had daily average volatility of 15.47%.

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.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Strong Sell candidate.