Volatile ride for Mullen Automotive stock price on Thursday moving between $0.720 and $0.99

The Mullen Automotive stock price gained 19.06% on the last trading day (Thursday, 25th May 2023), rising from $0.80 to $0.95. During the last trading day the stock fluctuated 37.44% from a day low at $0.720 to a day high of $0.99. The price has fallen in 8 of the last 10 days and is down by -31.92% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 46 million more shares were traded than the day before. In total, 88 million shares were bought and sold for approximately $83.45 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 -71.05% during the next 3 months and, with a 90% probability hold a price between $0.101 and $0.511 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.

There are mixed signals in the stock today. 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 $1.01 and $1.79. A break-up above any of these levels will issue buy signals. A buy signal was issued from a pivot bottom point on Wednesday, May 24, 2023, and so far it has risen 19.06%. 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.

Mullen Automotive finds support from accumulated volume at $0.95 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 $0.270 between high and low, or 37.44%. For the last week, the stock has had daily average volatility of 14.43%.

Mullen Automotive is oversold on RSI14 (19). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.

Mullen Automotive holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.We have upgraded our analysis conclusion for this stock since the last evaluation from a Strong Sell to a Sell candidate.