Volatile ride for Mullen Automotive stock price on Tuesday moving between $0.190 and $0.215

The Mullen Automotive stock price gained 4.19% on the last trading day (Tuesday, 29th Nov 2022), rising from $0.193 to $0.201. During the last trading day the stock fluctuated 13.11% from a day low at $0.190 to a day high of $0.215. The price has fallen in 8 of the last 10 days and is down by -33.52% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 48 million more shares were traded than the day before. In total, 158 million shares were bought and sold for approximately $31.75 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 -45.13% during the next 3 months and, with a 90% probability hold a price between $0.0325 and $0.228 at the end of this 3-month period.

A buy signal was issued from a pivot bottom point on Monday, November 28, 2022, and so far it has risen 4.19%. 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. 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 $0.220 and $0.315. 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).

Mullen Automotive finds support from accumulated volume at $0.201 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 $0.0249 between high and low, or 13.11%. For the last week, the stock has had daily average volatility of 11.76%.

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.