Volatile ride for Mullen Automotive stock price on Tuesday moving between $0.259 and $0.304

The Mullen Automotive stock price gained 6.72% on the last trading day (Tuesday, 8th Nov 2022), rising from $0.265 to $0.283. During the last trading day the stock fluctuated 17.19% from a day low at $0.259 to a day high of $0.304. The price has fallen in 8 of the last 10 days and is down by -44.34% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 60 million more shares were traded than the day before. In total, 227 million shares were bought and sold for approximately $64.25 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 -53.90% during the next 3 months and, with a 90% probability hold a price between $0.0412 and $0.214 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 $0.337 and $0.350. A break-up above any of these levels will issue buy signals. A buy signal was issued from a pivot bottom point on Monday, November 07, 2022, and so far it has risen 6.72%. 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 $0.280 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 $0.0446 between high and low, or 17.19%. For the last week, the stock has had daily average volatility of 15.50%.

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.