Volatile ride for Mullen Automotive stock price on Thursday moving between $0.343 and $0.448

The Mullen Automotive stock price gained 24.59% on the last trading day (Thursday, 5th Jan 2023), rising from $0.336 to $0.418. It has now gained 6 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 30.60% from a day low at $0.343 to a day high of $0.448. The price has risen in 7 of the last 10 days and is up by 84.79% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 310 million more shares were traded than the day before. In total, 510 million shares were bought and sold for approximately $213.30 million.

The stock lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $0.453 will firstly indicate a slower falling rate, but may be the first sign of a trend shift.Given the current short-term trend, the stock is expected to fall -19.85% during the next 3 months and, with a 90% probability hold a price between $0.123 and $0.363 at the end of this 3-month period. 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 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 $0.293 and $0.242. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, December 06, 2022, and so far it has risen 120.81%. 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 is rising along with the price. This is considered to be a good technical signal.

On the downside, the stock finds support just below today's level from accumulated volume at $0.351 and $0.340.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 $0.351. If this is broken, then the next support from accumulated volume will be at $0.340 and $0.314.

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 $0.105 between high and low, or 30.60%. For the last week, the stock has had daily average volatility of 21.80%.

Since the Mullen Automotive has been rising for 6 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.

Mullen Automotive holds several positive signals and despite the stock being in a falling trend, we considered it to be a good choice at these current levels. We expect Mullen Automotive stock will perform very well in the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.