Bulls Fail to Control Situation; MULN Stock Lost 14% Weekly

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NASDAQ: MULN share value tumbled by almost 98.81% in the last half a year. Last Friday, the stock began at $0.9500, before falling to $0.8720 upon the open; following this, there was a high of $1.08 and the price shut down at $1.01 over the course of the trading day with a practical volume of 49.054 Million. Unsurprisingly, the best traded price of the asset over the preceding 54 weeks was $209.27 whilst its lowest was marked at $0.87. Mullen Automotive Inc., hailing from California, is a transportation company headlined by the production and sale of passenger and commercial vehicles.

The stock not only went down 14% this week but over 29% on a monthly basis. Having a market cap coming up to $72.201 Million and its shares being an average of 36.047 Million. In buyouts or alliances, Electric Last Mile Solution was gathered by a sum of $240 Million while that of Bollinger Motors cost the employer $148.2 Million. Apart from these exchanges, Mullen furthermore collected as much as $3.1 Million throughout a single venture round observed on January 20, 2016.

It is crystal clear that the ones who sold excelled on August 04 doing MULN positioned around $1.19, but subsequently intense pressure resulting from avid efforts by these sellers, ruined the worth to the barricades of the primary support labeled $0.8803 if purchasers failed to do their job counteracting the sellers. On that word, prelims supports are in the primary what remains is $1.25 and the other substantial resistance is known as $1.56 – at the time this was featured, prices hovered below the 50-day and 200-day EMA.

Buffer rewind to a price of $64 in the commencement weeks of 2021, which potentially suits as proof to why the positive action in the rates has sharpened outside any relief. Whether monetary figures as in Q1 2021 with detraction of $376.28 Million or Q2 wherein net income plummeted to -$114.91 Million, there lies not an inkling obtained when explaining possible profitability either by income or worse yet when statements come up confirming there reverie for shares pricing.

Nonetheless perceptions and scopes of traders nowadays thinks there is abundance room for balmy twirls forwards with buyers ruling over sellers towards the endpoint concluding next few hours, looking outdoors in the prospects of new energies turning the tide – guessing strikewise the low of $0.8803 can to bear to salvage the situation or greater outputs soaring $1.25 / $1.56 subject to their vista.

Current Positions:
Support Levels: $0.8803
Resistance Levels: $1.25 and $1.56

Robert Wilson author
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