Volatile ride for Mullen Automotive stock price on Tuesday moving between $0.205 and $0.230

The Mullen Automotive stock price fell by -9.43% on the last day (Tuesday, 7th Mar 2023) from $0.230 to $0.208. During the last trading day the stock fluctuated 12.05% from a day low at $0.205 to a day high of $0.230. The price has fallen in 6 of the last 10 days and is down by -18.22% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -3 million shares and in total, 246 million shares were bought and sold for approximately $51.20 million.

Given the current short-term trend, the stock is expected to rise 5.3% during the next 3 months and, with a 90% probability hold a price between $0.219 and $0.453 at the end of this 3-month period.

There are few to no technical positive signals at the moment. 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 $0.305. 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 -50.72%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

Mullen Automotive finds support from accumulated volume at $0.198 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 $0.0247 between high and low, or 12.05%. For the last week, the stock has had daily average volatility of 7.56%.

Mullen Automotive is oversold on RSI14 (14). Some stocks may fall long and hard while being oversold on RSI, but stocks that are heavily oversold on RSI often pose good re-bounce chance and played well it can be a buy candidate.

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 Sell to a Strong Sell candidate.