Volatile ride for Mullen Automotive stock price on Wednesday moving between $0.355 and $0.410

The Mullen Automotive stock price fell by -9.62% on the last day (Wednesday, 2nd Nov 2022) from $0.397 to $0.359. It has now fallen 6 days in a row. During the last trading day the stock fluctuated 15.53% from a day low at $0.355 to a day high of $0.410. The price has been going up and down for this period, and there has been a 5.53% gain for the last 2 weeks. Volume has increased on the last day by 67 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 252 million shares were bought and sold for approximately $90.36 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 -54.03% during the next 3 months and, with a 90% probability hold a price between $0.0535 and $0.227 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.

Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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. On corrections up, there will be some resistance from the lines at $0.477 and $0.373. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, October 26, 2022, and so far it has fallen -33.56%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.

Mullen Automotive finds support from accumulated volume at $0.351 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 $0.0551 between high and low, or 15.53%. For the last week, the stock has had daily average volatility of 14.09%.

Mullen Automotive holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.