Volatile ride for Mullen Automotive stock price on Thursday moving between $0.292 and $0.344

The Mullen Automotive stock price fell by -15.11% on the last day (Thursday, 16th Feb 2023) from $0.344 to $0.292. It has now fallen 4 days in a row. During the last trading day the stock fluctuated 17.97% from a day low at $0.292 to a day high of $0.344. The price has fallen in 6 of the last 10 days and is down by -23.46% for this period. Volume has increased on the last day by 96 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, 215 million shares were bought and sold for approximately $62.57 million.

The stock has broken the very wide and strong rising short-term trend down. This signalizes a slower rate of rising, but may also be an early warning about a possible trend shift. Due to the trend being broken there will now be resistance at the bottom line of the trend at $0.333. A reaction back to this level may hold a second chance to get out before further falls.

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. The Mullen Automotive stock holds sell signals from both short and long-term moving averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $0.358 and $0.343. 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 -31.01%. Further fall is indicated until a new bottom pivot has been found. 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 $0.273 and $0.263.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 $0.273. If this is broken, then the next support from accumulated volume will be at $0.263 and $0.226.

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 $0.0524 between high and low, or 17.97%. For the last week, the stock has had daily average volatility of 10.67%.

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.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 Sell candidate.