Strong day for Mullen Automotive stock price on Wednesday rising 5.86% to $0.400

The Mullen Automotive stock price gained 5.86% on the last trading day (Wednesday, 11th Jan 2023), rising from $0.377 to $0.400. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 6.63% from a day low at $0.385 to a day high of $0.410. The price has risen in 7 of the last 10 days and is up by 85.81% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 43 million more shares were traded than the day before. In total, 193 million shares were bought and sold for approximately $77.11 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 -14.19% during the next 3 months and, with a 90% probability hold a price between $0.123 and $0.407 at the end of this 3-month period.

The Mullen Automotive stock holds buy signals from both short and long-term moving averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $0.371 and $0.254. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Wednesday, October 26, 2022, and so far it has fallen -26.02%. Further fall is indicated until a new bottom pivot has been found.

On the downside, the stock finds support just below today's level from accumulated volume at $0.378 and $0.340.There is a 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 finds support just below today's level at $0.378. If this is broken, then the next support from accumulated volume will be at $0.340 and $0.314.

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 $0.0255 between high and low, or 6.63%. For the last week, the stock has had daily average volatility of 19.08%.

Mullen Automotive holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.