Volatile ride for Mullen Automotive, Inc. stock price on Friday moving between $2.19 and $3.20

The Mullen Automotive, Inc. stock price gained 18.85% on the last trading day (Friday, 18th Mar 2022), rising from $2.44 to $2.90. , and has now gained 4 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 day the stock fluctuated 46.12% from a day low at $2.19 to a day high of $3.20. The price has risen in 7 of the last 10 days and is up by 269.14% over the past 2 weeks. Volume fell on the last day by -51 million shares and in total, 457 million shares were bought and sold for approximately $1.32 billion. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.

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.

Mostly positive signals in the chart today. The Mullen Automotive, Inc. 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 $1.84 and $1.60. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, February 22, 2022, and so far it has risen 375.41%. 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). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.

On the downside, the stock finds support just below today's level from accumulated volume at $2.57 and $2.44.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 $2.57. If this is broken, then the next support from accumulated volume will be at $2.44 and $2.23.

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 $1.01 between high and low, or 46.12%. For the last week, the stock has had a daily average volatility of 31.64%.

Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.