Volatile ride for Mullen Automotive stock price on Monday moving between $0.0716 and $0.0858

The Mullen Automotive stock price fell by -2.86% on the last day (Monday, 1st May 2023) from $0.0769 to $0.0747. During the last trading day the stock fluctuated 19.83% from a day low at $0.0716 to a day high of $0.0858. The price has fallen in 8 of the last 10 days and is down by -26.98% for this period. 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 -154 million shares and in total, 474 million shares were bought and sold for approximately $35.40 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.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.

A buy signal was issued from a pivot bottom point on Thursday, April 27, 2023, and so far it has risen 10.01%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. 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 $0.0832 and $0.109. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). 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 $0.0679.With no support from accumulated volume below today's level the risk is increased, as a drop below the support at $ may give a huge drop in the stock price.

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 $0.0142 between high and low, or 19.83%. For the last week, the stock has had daily average volatility of 16.20%.

Mullen Automotive holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Strong Sell candidate.