Red day on Friday for Mullen Automotive, Inc.

The Mullen Automotive, Inc. stock price fell by -5.00% on the last day (Friday, 10th Jun 2022) from $1.20 to $1.14. and has now fallen 5 days in a row. During the day the stock fluctuated 8.04% from a day low at $1.12 to a day high of $1.21. The price has fallen in 6 of the last 10 days, but is still up by 16.33% over the past 2 weeks. Volume has increased on the last day by 29 thousand 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, 42 million shares were bought and sold for approximately $47.37 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.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, Inc. stock holds sell signals from both short and long-term moving averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $1.26 and $1.18. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, March 22, 2022, and so far it has fallen -65.56%. Further fall is indicated until a new bottom pivot has been found. 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 $1.05 and $0.99.There is natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Mullen Automotive, Inc. finds support just below today's level at $1.05. If this is broken, then the next support from accumulated volume will be at $0.99 and $0.87.

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 $0.0900 between high and low, or 8.04%. For the last week, the stock has had a daily average volatility of 9.78%.

Mullen Automotive, Inc. 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.

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