High volatility in Mullen Automotive stock price on Tuesday which ended trading at $0.212

The Mullen Automotive stock price gained 10.42% on the last trading day (Tuesday, 13th Dec 2022), rising from $0.192 to $0.212. During the last trading day the stock fluctuated 14.43% from a day low at $0.201 to a day high of $0.230. The price has fallen in 6 of the last 10 days but is still up by 5.27% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 159 million more shares were traded than the day before. In total, 232 million shares were bought and sold for approximately $49.22 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 -35.65% during the next 3 months and, with a 90% probability hold a price between $0.0469 and $0.269 at the end of this 3-month period.

A buy signal was issued from a pivot bottom point on Wednesday, December 07, 2022, and so far it has risen 17.07%. 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 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 $0.286. On a fall, the stock will find some support from the short-term average at $0.193. 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.

On the downside, the stock finds support just below today's level from accumulated volume at $0.201 and $0.193.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 $0.201. If this is broken, then the next support from accumulated volume will be at $0.193 and $0.192.

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 $0.0290 between high and low, or 14.43%. For the last week, the stock has had daily average volatility of 8.02%.

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.