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- 1 Mullen stock price (NASDAQ: MULN) faced rejection near to $1.00.
- 2 Short covering rally in MULN stock has ended.
- 3 Mullen Automotive stock might test the previous low again.
Mullen Automotive Inc. MULN stock price fell by 51% in August and shows no signs of recovery till now. Mullen stock is in a strong downtrend and sellers are continuing the dominance.
Mullen stock price pattern is highly bearish and looks like many genuine investors have taken exit on higher levels. The short sellers in the $MULN are active, due to this any short-term pullback might get sold off.
MULN stock is trading far away from the 50-day EMA so the risk of short squeeze also remains high.
Previously, on August 23, 2023, Mullen Automotive stock witnessed a wild short squeeze and prices closed with a gain of 68%.
However, the momentum was temporary so the prices failed to give the follow-up momentum and reverted down. It shows that the speculative activities in the MULN shares are quite high. So, investors need to be careful before creating a position on any side.
Buyers had tried multiple times to regain the $1.00 mark but it ended up getting rejected. It shows the strong presence of sellers on the higher levels and looks very difficult for bulls to regain $1.00 in the future.
MULN Stock is Highly Speculative
MULN stock continued to fall and formed a bearish pattern. Buyers look reluctant to build any long position due to fear of further downfall.
Mullen’s stock price closed the previous session at 0.5641 with an intraday decline of -5.19%. The market capitalization stands at $103.02 Million. The financials of $MULN are in heavy loss. So, the probability of recovery in the stock prices remains low.
However, if a short squeeze triggers from the lower levels then $1.00 is possible. But it will be a temporary move. The technical analysis suggests that MULN stock price is inside the bear’s grip and speculators remain active.
Mullen Stock Price formed a Doji candle
Mullen stock price formed a Doji candle in the previous week. It shows indecisiveness. Until the financials of the company are not improving the future of MULN does not look good.
Due to speculators, a short-term upward move in the share prices may come but will keep on getting rejected. So, it’s better to avoid creating a position at any time.
The MACD, RSI, and Supertrend, all the technical indicators are indicating bearishness. Therefore, MULN stock is in the bears’ grip and more downside is possible.
Conclusion
Mullen Automotive Inc., MULN stock price fell 51% in August and formed a bearish pattern.
Previously, Mullen stock price displayed a wild short squeeze but it ended up facing rejection near $1.00. It shows that the speculators are active and sellers continuing their dominance.
Technical levels
- Resistance levels: $1.000 and $1.500
- Support levels: $0.3000 and $0.2000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
