Volatile ride for Mullen Automotive stock price on Wednesday moving between $0.280 and $0.360

The Mullen Automotive stock price gained 18.66% on the last trading day (Wednesday, 25th Jan 2023), rising from $0.294 to $0.349. During the last trading day the stock fluctuated 28.54% from a day low at $0.280 to a day high of $0.360. The price has fallen in 6 of the last 10 days and is down by -7.66% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 212 million more shares were traded than the day before. In total, 385 million shares were bought and sold for approximately $134.18 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 -8.38% during the next 3 months and, with a 90% probability hold a price between $0.155 and $0.376 at the end of this 3-month period.

The Mullen Automotive stock holds buy signals from both short and long-term moving averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $0.298 and $0.281. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Thursday, January 05, 2023, and so far it has fallen -16.63%. 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 $0.314 and $0.302.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 $0.314. If this is broken, then the next support from accumulated volume will be at $0.302 and $0.263.

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 $0.0799 between high and low, or 28.54%. For the last week, the stock has had daily average volatility of 16.00%.

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 Sell to a Buy candidate.