Volatile ride for Mullen Automotive stock price on Wednesday moving between $0.102 and $0.182

The Mullen Automotive stock price gained 69.38% on the last trading day (Wednesday, 5th Jul 2023), rising from $0.101 to $0.171. During the last trading day the stock fluctuated 78.31% from a day low at $0.102 to a day high of $0.182. The price has fallen in 6 of the last 10 days but is still up by 6.48% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 1 billion more shares were traded than the day before. In total, 1 billion shares were bought and sold for approximately $215.46 million.

The stock lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $0.192 will firstly indicate a slower falling rate, but may be the first sign of a trend shift.Due to the high volatility and the trend direction we are not able to give forecast range for this stock. 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.

A buy signal was issued from a pivot bottom point on Monday, July 03, 2023, and so far it has risen 69.38%. 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Mullen Automotive stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $0.546. On a fall, the stock will find some support from the short-term average at $0.131. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal.

Mullen Automotive finds support from accumulated volume at $0.170 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 $0.0798 between high and low, or 78.31%. For the last week, the stock has had daily average volatility of 28.93%.

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.