Red day on Friday for Mullen Automotive

The Mullen Automotive stock price fell by -3.75% on the last day (Friday, 14th Apr 2023) from $0.104 to $0.100. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 5.40% from a day low at $0.0981 to a day high of $0.103. The price has fallen in 6 of the last 10 days and is down by -16.93% for this period. Volume has increased on the last day by 41 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, 165 million shares were bought and sold for approximately $16.55 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 -63.00% during the next 3 months and, with a 90% probability hold a price between $0.0119 and $0.0676 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.

A buy signal was issued from a pivot bottom point on Tuesday, March 28, 2023, and so far it has risen 7.06%. 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). 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 $0.104 and $0.148. A break-up above any of these levels will issue buy signals. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.

On the downside, the stock finds support just below today's level from accumulated volume at $0.0935.With no support from accumulated volume below today's level the risk is increased, as a drop below the support at $ may give a huge drop in the stock price.

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 $0.0053 between high and low, or 5.40%. For the last week, the stock has had daily average volatility of 6.70%.

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.