Mullen Automotive stock price fell more than -5.65% Monday closing at $0.194

The Mullen Automotive stock price fell by -5.65% on the last day (Monday, 5th Dec 2022) from $0.205 to $0.194. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 7.45% from a day low at $0.193 to a day high of $0.208. The price has fallen in 8 of the last 10 days and is down by -27.11% 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 -57 million shares and in total, 100 million shares were bought and sold for approximately $19.39 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 -42.46% during the next 3 months and, with a 90% probability hold a price between $0.0333 and $0.236 at the end of this 3-month period.

There are mixed signals in the stock today. 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 $0.200 and $0.311. A break-up above any of these levels will issue buy signals. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements. A buy signal was issued from a pivot bottom point on Wednesday, November 30, 2022, and so far it has risen 1.10%. 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).

Mullen Automotive finds support from accumulated volume at $0.193 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 $0.0144 between high and low, or 7.45%. For the last week, the stock has had daily average volatility of 10.83%.

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.We have upgraded our analysis conclusion for this stock since the last evaluation from a Strong Sell to a Sell candidate.