Sign InMullen Automotive's Technical Analysis and Price Predictions: Bearish Trend Continues
Summary
As of June 26, 2023, Mullen Automotive's stock has experienced a recent 50% tumble, but a recent claim of sufficient capital has caused a slight 12.2% increase in pre-market trading; however, due to its worsening sentiment among investors and bearish technical indicators, it is currently recommended to 'Sell' MULN stock.
Technical Analysis
Since last close on June 26, 2023 at 0.1733 USD, Mullen Automotive, Inc. (MULN) has shown an increase of 0.00 or 2.18%. During the trading day, it reached a low of 0.1605 USD and a high of 0.2 USD, with a year's high and low of 35 USD and 0.151 USD respectively. The stock's market capitalization stands at 36.90 million. The daily volume was recorded at 144.27 million, which is way above its average volume of 62.20 million.
MULN's price is currently below its 50-day moving average of 1.162 USD and the 200-day moving average of 5.65925 USD, suggesting that the stock is experiencing a bearish trend. Additionally, the RSI14 is at 12, indicating an oversold condition.
The MACD (3-month) is -0.309134, signaling a continued downtrend. There is no P/E ratio since the EPS is reported at 249.59 USD. The company has 243.57 million outstanding shares and trades on the NASDAQ exchange.
Fundamental Analysis
Mullen Automotive has had a rocky road, with its recent association with the collapsing Lordstown Motors and comparisons to Canoo. The company is to be removed from the Russell 2000 Index, and its stock has tumbled a significant 50% recently. One of Mullen's most vocal promoters, Lawrence Hardge, publicly aired his disappointment in the company. The upcoming annual meeting of stockholders has also drawn attention to the stock.
However, Mullen Automotive has recently claimed that it has sufficient capital to sustain for at least a year, causing its stock price to bounce back slightly with a 12.2% increase in pre-market trading.
Price Predictions
For the next trading day, June 27, 2023, the short-term technical indicators (RSI14 and MACD) suggest that Mullen Automotive's stock may experience a correction upwards due to its current oversold condition. In the upcoming week, MULN may see some fluctuations in price but its overall bearish trend is expected to continue, keeping the stock below its 50-day and 200-day moving averages.
Recommendation
Considering Mullen Automotive's recent struggles, worsening sentiments among investors, and the bearish technical indicators, MULN stock is recommended as a 'Sell' at this moment. Investors should keep a close watch on MULN's upcoming annual meeting of stockholders, company developments, and industry news before making any investment decisions.
