High volatility in Mullen Automotive stock price on Thursday which ended trading at $0.319

The Mullen Automotive stock price fell by -8.44% on the last day (Thursday, 26th Jan 2023) from $0.349 to $0.319. During the last trading day the stock fluctuated 13.49% from a day low at $0.315 to a day high of $0.358. The price has fallen in 7 of the last 10 days and is down by -20.23% 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 -159 million shares and in total, 226 million shares were bought and sold for approximately $72.26 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 -2.50% during the next 3 months and, with a 90% probability hold a price between $0.179 and $0.405 at the end of this 3-month period.

The Mullen Automotive stock holds buy signals from both short and long-term moving averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $0.301 and $0.285. A breakdown below any of these levels will issue sell signals. 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 Thursday, January 05, 2023, and so far it has fallen -23.66%. 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). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

Mullen Automotive finds support from accumulated volume at $0.314 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 $0.0425 between high and low, or 13.49%. For the last week, the stock has had daily average volatility of 16.29%.

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