Mullen Automotive stock downgraded from Hold/Accumulate to Sell Candidate after Tuesday trading session.

The Mullen Automotive stock price fell by -2.65% on the last day (Tuesday, 24th Jan 2023) from $0.302 to $0.294. During the last trading day the stock fluctuated 8.35% from a day low at $0.285 to a day high of $0.309. The price has fallen in 6 of the last 10 days and is down by -20.62% 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 -9 million shares and in total, 173 million shares were bought and sold for approximately $50.72 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 -13.54% during the next 3 months and, with a 90% probability hold a price between $0.135 and $0.351 at the end of this 3-month period.

The Mullen Automotive stock holds a sell signal from the short-term moving average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term moving average at approximately $0.300. On a fall, the stock will find some support from the long-term average at approximately $0.277. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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 -29.74%. 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 $0.280 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 $0.0238 between high and low, or 8.35%. For the last week, the stock has had daily average volatility of 12.79%.

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 Hold/Accumulate to a Sell candidate.