Volatile ride for Mullen Automotive stock price on Friday moving between $0.261 and $0.323

The Mullen Automotive stock price gained 8.02% on the last trading day (Friday, 20th Jan 2023), rising from $0.273 to $0.295. During the last trading day the stock fluctuated 23.83% from a day low at $0.261 to a day high of $0.323. The price has fallen in 7 of the last 10 days and is down by -29.43% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 86 million more shares were traded than the day before. In total, 273 million shares were bought and sold for approximately $80.68 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 -18.41% during the next 3 months and, with a 90% probability hold a price between $0.118 and $0.329 at the end of this 3-month period.

The Mullen Automotive stock holds a sell signal from the short-term moving average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term moving average at approximately $0.328. On a fall, the stock will find some support from the long-term average at approximately $0.272. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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 Thursday, January 05, 2023, and so far it has fallen -29.43%. 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).

Mullen Automotive finds support from accumulated volume at $0.280 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

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 $0.0622 between high and low, or 23.83%. For the last week, the stock has had daily average volatility of 14.66%.

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.