Volatile ride for Mullen Automotive stock price on Thursday moving between $0.362 and $0.408

The Mullen Automotive stock price gained 8.45% on the last trading day (Thursday, 2nd Feb 2023), rising from $0.351 to $0.381. It has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 12.71% from a day low at $0.362 to a day high of $0.408. The price has risen in 7 of the last 10 days and is up by 41.11% 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, 132 million more shares were traded than the day before. In total, 279 million shares were bought and sold for approximately $106.18 million.

The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled.Given the current short-term trend, the stock is expected to rise 30.33% during the next 3 months and, with a 90% probability hold a price between $0.330 and $0.587 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. 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 $0.342 and $0.307. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, January 19, 2023, and so far it has risen 41.11%. Further rise is indicated until a new top pivot has been found. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Mullen Automotive finds support from accumulated volume at $0.380 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 $0.0460 between high and low, or 12.71%. For the last week, the stock has had daily average volatility of 9.26%.

Mullen Automotive holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during 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.