Volatile ride for Mullen Automotive stock price on Wednesday moving between $0.245 and $0.273

The Mullen Automotive stock price gained 0.353% on the last trading day (Wednesday, 22nd Feb 2023), rising from $0.255 to $0.256. During the last trading day the stock fluctuated 11.04% from a day low at $0.245 to a day high of $0.273. The price has fallen in 7 of the last 10 days and is down by -38.37% for this period. Volume fell on the last day by -46 million shares and in total, 143 million shares were bought and sold for approximately $36.53 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 rise 62.61% during the next 3 months and, with a 90% probability hold a price between $0.416 and $0.740 at the end of this 3-month period.

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. Some negative signals were issued as well, and these may have some influence on the near short-term development. 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 $0.310 and $0.343. 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 -39.53%. 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).

On the downside, the stock finds support just below today's level from accumulated volume at $0.217 and $0.214.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 $0.214 and $0.205.

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 $0.0271 between high and low, or 11.04%. For the last week, the stock has had daily average volatility of 13.41%.

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.