High volatility in Mullen Automotive stock price on Tuesday which ended trading at $0.141

The Mullen Automotive stock price gained 6.82% on the last trading day (Tuesday, 21st Mar 2023), rising from $0.132 to $0.141. During the last trading day the stock fluctuated 12.96% from a day low at $0.125 to a day high of $0.141. The price has fallen in 8 of the last 10 days and is down by -32.31% for this period. Volume fell on the last day by -59 million shares and in total, 224 million shares were bought and sold for approximately $31.57 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 in the lower of a very wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $0.129 is broken, it will firstly indicate a stronger fall rate.Given the current short-term trend, the stock is expected to fall -32.66% during the next 3 months and, with a 90% probability hold a price between $0.0870 and $0.228 at the end of this 3-month period.

A buy signal was issued from a pivot bottom point on Monday, March 20, 2023, and so far it has risen 6.82%. 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 $0.147 and $0.262. A break-up above any of these levels will issue buy signals.

Mullen Automotive finds support from accumulated volume at $0.135 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 $0.0162 between high and low, or 12.96%. For the last week, the stock has had daily average volatility of 13.71%.

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.