Volatile ride for Mullen Automotive stock price on Friday moving between $0.280 and $0.338

The Mullen Automotive stock price fell by -0.384% on the last day (Friday, 16th Dec 2022) from $0.313 to $0.311. During the last trading day the stock fluctuated 20.87% from a day low at $0.280 to a day high of $0.338. The price has been going up and down for this period, and there has been a 51.71% gain for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -271 million shares and in total, 307 million shares were bought and sold for approximately $95.45 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 -28.70% during the next 3 months and, with a 90% probability hold a price between $0.0703 and $0.313 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, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $0.239 and $0.266. 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). 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, December 15, 2022, and so far it has fallen -0.384%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

On the downside, the stock finds support just below today's level from accumulated volume at $0.280 and $0.271.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 $0.280. If this is broken, then the next support from accumulated volume will be at $0.271 and $0.262.

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 $0.0584 between high and low, or 20.87%. For the last week, the stock has had daily average volatility of 22.94%.

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.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.