Volatile ride for Mullen Automotive stock price on Tuesday moving between $0.463 and $0.610

The Mullen Automotive stock price gained 1.62% on the last trading day (Tuesday, 25th Oct 2022), rising from $0.500 to $0.508. It has now gained 6 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 31.89% from a day low at $0.463 to a day high of $0.610. The price has risen in 6 of the last 10 days and is up by 99.96% over the past 2 weeks. Volume fell on the last day by -33 million shares and in total, 457 million shares were bought and sold for approximately $232.43 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.

Given the current short-term trend, the stock is expected to fall -57.98% during the next 3 months and, with a 90% probability hold a price between $0.0679 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.

Mostly positive signals in the chart today. The Mullen Automotive stock holds buy signals from both short and long-term moving averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $0.361 and $0.392. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, October 18, 2022, and so far it has risen 134.80%. 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 fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.

Mullen Automotive finds support from accumulated volume at $0.502 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 $0.148 between high and low, or 31.89%. For the last week, the stock has had daily average volatility of 38.91%.

Since the Mullen Automotive has been rising for 6 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.

Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.