Stronger technical forecast for Mullen Automotive stock price after Thursday trading.

The Mullen Automotive stock price fell by -4.97% on the last day (Thursday, 23rd Feb 2023) from $0.256 to $0.243. During the last trading day the stock fluctuated 9.96% from a day low at $0.230 to a day high of $0.253. The price has fallen in 7 of the last 10 days and is down by -37.88% for this period. Volume has increased on the last day by 37 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, 180 million shares were bought and sold for approximately $43.77 million.

Given the current short-term trend, the stock is expected to rise 55.16% during the next 3 months and, with a 90% probability hold a price between $0.377 and $0.706 at the end of this 3-month period.

There are few to no technical positive signals at the moment. 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 $0.291 and $0.341. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, February 06, 2023, and so far it has fallen -42.54%. Further fall is indicated until a new bottom pivot has been found. 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.

On the downside, the stock finds support just below today's level from accumulated volume at $0.226 and $0.217.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 $0.226. If this is broken, then the next support from accumulated volume will be at $0.217 and $0.214.

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 $0.0229 between high and low, or 9.96%. For the last week, the stock has had daily average volatility of 14.31%.

The Mullen Automotive stock holds several negative signals and despite the positive trend, we believe Mullen Automotive will perform weakly in the next couple of days or weeks. Therefore, we 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.