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Mullen Automotive (MULN) Technical Analysis

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Mullen automobile, Inc. is a California-based American automobile and electric car company. Its products include electric cars for passengers and commercial vehicles, as well as solid-state polymer battery technologies.

Mullen Technologies was formed in 2014 as a consequence of a combination between CODA Automotive and Mullen Motor Cars. CODA was an all-electric car manufacturer, and for a while was one of just two certified firms selling EVs in the United States, the other being Elon Musk’s Tesla (TSLA). 

Mullen Automotive was formed in November 2021 as a result of a reverse merger with Net Element. As a consequence, Mullen Automotive became a public corporation, debuting on the Nasdaq stock exchange with the ticker code MULN in November 2021.

Prices

MULN stock ended at $ 1.010000, with a total market cap of $ 649.81M (44M shares outstanding). The MULN is listed on NASDAQ under the symbol MULN. MULN’s price has risen by 0.00% in the last 24 hours. MULN stock price forecast is now optimistic.

The NASDAQ: MULN stock price has dropped over 98.81% in the last six months. Yesterday, it began at $0.9500 and fell to $0.8720 before closing at $1.01 with an intraday trading volume of 49.054 million. 

MULN stock’s highest traded price in the last 52 weeks was $209.27, and its lowest traded price was $0.87. Mullen Automotive Inc. is a California-based electric vehicle manufacturer that focuses on passenger and commercial cars. MULN’s share price has dropped by more than 14% weekly and more than 29% monthly. Mullen Automotive, Inc. has a market value of $72.201 million and a share volume of 36.047 million.

In the previous 52 weeks, the stock price has dropped by -99.51%. The most recent short interest is 124.76 million, representing 19.39% of the outstanding shares. The firm has a cash position of $60.34 million and a debt position of $13.99 million, for a net cash position of $46.35 million or $0.07 per share.

 Operating cash flow was -$108.49 million in the previous year, while capital expenditures were -$98.70 million, for a free cash flow of -$207.20 million.

Analysis

If sellers continue to dominate in the next sessions, the MULN stock price may fall much more to reach immediate support around $0.8803. In that event, it is also possible that the stock may fall and set a new 52-week low. 

If buyers gain control of the sellers, MULN stock may confront immediate resistance of $1.25 and potential barrier of $1.56. Mullen Automotive, Inc stock was trading below the 50-day and 200-day moving averages at the time of publication. MULN stock was trading about $64 in the start of 2023, but persistent selling pressure might be a major factor for the abrupt price drop. The company’s net sales in Q1 2023 was -$376.28 Million, while its net income was -$114.91 Million. 

On the Daily  Chart:

  • The Moving Averages Convergence Divergence (MACD) indicator for Mullen Automotive (MULN) is -0.41, indicating that the stock is a sell.
  • Mullen Automotive’s (MULN) 20-Day exponential moving average is 1.25, and the stock price is $1.02, indicating a Sell.
  • Mullen Automotive’s (MULN) 50-Day exponential moving average is 4.00, and its share price is $1.02, indicating a Sell.

On the Weekly Chart:

  • The Moving Averages Convergence Divergence (MACD) indicator for Mullen Automotive (MULN) is -21.29, indicating that Mullen Automotive is a Sell.
  • Mullen Automotive’s (MULN) 20-Day exponential moving average is 14.53, and the stock price is $1.02, indicating a Sell.
  • Mullen Automotive’s (MULN) 50-Day exponential moving average is 139.23, and its share price is $1.02, indicating a Sell.

Indicators:

  • The Relative Strength Index (RSI) for Mullen Automotive (MULN) is 30.98, indicating a Neutral signal.
  • The Trend Strength Indicator (ADX) for Mullen Automotive (MULN) is 13.88, indicating a Buy signal.
  • The Commodity Channel Index (CCI) for Mullen Automotive (MULN) is -71.32, indicating a Neutral signal.
  • The Price Rate of Change (ROC) for Mullen Automotive (MULN) is -92.98, indicating a Sell signal.
Mullen Automotive (MULN) Technical Analysis

MULN shares are currently at their worst phase, yet the further decrease may cause additional concern for MULN shareholders. Numerous analysts anticipate that buyers will continue to outnumber sellers in the following session, and that prices will rise dramatically by the end of the week. 

Prediction

Mullen Automotive, Inc. shares will be worth $ 1.063208 per share on August 19, 2023, according to our current MULN stock projection. The present attitude is Bullish, according to our technical indicators, but the Fear & Greed Index is 39 (Fear). Over the previous 30 days, MULN stock had 10/30 (33%) green days and 26.01% price volatility. According to our Mullen Automotive, Inc. stock projection, now is an excellent time to purchase MULN stock because it is now trading 5.00% below our forecast.

Stock Forecast for Mullen Automotive, Inc. in 2025

The Mullen Automotive, Inc. stock forecast for 2025 is now $ 7.10, assuming that Mullen Automotive, Inc. shares will continue to increase at the same average annual rate as in the previous ten years. The MULN stock price would rise by 602.53% as a result.

Stock Forecast for Mullen Automotive, Inc. in 2030

If Mullen Automotive, Inc. maintains its current 10-year average growth rate, the stock will be worth $ 928.22 in 2030. If this Mullen Automotive, Inc. stock forecast for 2030 comes true, MULN stock will increase by 91,803.27% from its present price.

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