Mullen Automotive stock price down 3.17% on Tuesday

The Mullen Automotive stock price fell by -3.17% on the last day (Tuesday, 15th Nov 2022) from $0.303 to $0.293. It has now fallen 4 days in a row. During the last trading day the stock fluctuated 7.71% from a day low at $0.291 to a day high of $0.313. The price has fallen in 8 of the last 10 days and is down by -26.15% for this period. Volume has increased on the last day by 3 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 140 million shares were bought and sold for approximately $41.19 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 -51.29% during the next 3 months and, with a 90% probability hold a price between $0.0351 and $0.214 at the end of this 3-month period. 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.

There are mixed signals in the stock today. 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 $0.340. On a fall, the stock will find some support from the short-term average at $0.293. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely. A buy signal was issued from a pivot bottom point on Monday, November 07, 2022, and so far it has risen 10.64%. Further rise is indicated until a new top pivot has been found.

Mullen Automotive finds support from accumulated volume at $0.283 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 $0.0224 between high and low, or 7.71%. For the last week, the stock has had daily average volatility of 14.04%.

Mullen Automotive is oversold on RSI14 (18). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.

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.