Volatile ride for Mullen Automotive stock price on Wednesday moving between $0.225 and $0.275

The Mullen Automotive stock price gained 23.41% on the last trading day (Wednesday, 14th Dec 2022), rising from $0.212 to $0.262. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 22.18% from a day low at $0.225 to a day high of $0.275. The price has been going up and down for this period, and there has been a 36.55% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 122 million more shares were traded than the day before. In total, 354 million shares were bought and sold for approximately $92.61 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 -33.88% during the next 3 months and, with a 90% probability hold a price between $0.0521 and $0.280 at the end of this 3-month period.

A buy signal was issued from a pivot bottom point on Wednesday, December 07, 2022, and so far it has risen 44.48%. 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 $0.279. On a fall, the stock will find some support from the short-term average at $0.202. 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.

On the downside, the stock finds support just below today's level from accumulated volume at $0.217 and $0.212.There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Mullen Automotive finds support just below today's level at $0.217. If this is broken, then the next support from accumulated volume will be at $0.212 and $0.201.

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 $0.0499 between high and low, or 22.18%. For the last week, the stock has had daily average volatility of 11.79%.

Mullen Automotive holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.