Is Mullen Automotive stock still a buy after falling -8.28% on Tuesday ?

The Mullen Automotive stock price fell by -8.28% on the last day (Tuesday, 27th Dec 2022) from $0.234 to $0.215. During the last trading day the stock fluctuated 8.95% from a day low at $0.211 to a day high of $0.230. The price has been going up and down for this period, and there has been a 11.4% gain for the last 2 weeks. 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 -17 million shares and in total, 105 million shares were bought and sold for approximately $22.52 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 -26.09% during the next 3 months and, with a 90% probability hold a price between $0.114 and $0.322 at the end of this 3-month period.

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 $0.243 and $0.240. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, December 15, 2022, and so far it has fallen -31.57%. 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.

Mullen Automotive finds support from accumulated volume at $0.214 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 $0.0189 between high and low, or 8.95%. For the last week, the stock has had daily average volatility of 13.02%.

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.