High volatility in Mullen Automotive stock price on Tuesday which ended trading at $0.0810

The Mullen Automotive stock price gained 8.43% on the last trading day (Tuesday, 2nd May 2023), rising from $0.0747 to $0.0810. During the last trading day the stock fluctuated 46.84% from a day low at $0.0681 to a day high of $0.100. The price has fallen in 7 of the last 10 days and is down by -14.29% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 42 million more shares were traded than the day before. In total, 516 million shares were bought and sold for approximately $41.81 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.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 Thursday, April 27, 2023, and so far it has risen 19.29%. Further rise is indicated until a new top pivot has been found. 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 a buy signal from the short-term moving average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term moving average at $0.107. On a fall, the stock will find some support from the short-term average at $0.0801. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

On the downside, the stock finds support just below today's level from accumulated volume at $0.0769 and $0.0747.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 $0.0769. If this is broken, then the next support from accumulated volume will be at $0.0747 and $0.0679.

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 $0.0319 between high and low, or 46.84%. For the last week, the stock has had daily average volatility of 23.90%.

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