Mullen Automotive stock price down 1.81% on Tuesday

The Mullen Automotive stock price fell by -1.81% on the last day (Tuesday, 18th Jul 2023) from $0.160 to $0.157. During the last trading day the stock fluctuated 7.40% from a day low at $0.150 to a day high of $0.161. The price has risen in 5 of the last 10 days and is up by 55.5% over the past 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 -32 million shares and in total, 215 million shares were bought and sold for approximately $33.71 million.

The stockhas broken the very wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is -$0.0817, a level that may pose a second chance to hit a runner.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.

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. 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 $0.164 and $0.317. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, July 06, 2023, and so far it has fallen -28.84%. 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 $0.157 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 $0.0111 between high and low, or 7.40%. For the last week, the stock has had daily average volatility of 13.63%.

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.