Mullen Automotive (NASDAQ:MULN) share prices rose more than 18% on Wednesday after big volume carried the stock up to nearly $0.36 from its open of $0.2894.
MULN stock retested $0.35 after hours after closing the trading day at $0.3485.
Volume surged to 382 million, up 165 million from its average intraday volume of 216 million.
Technical analysis earlier this week showed us a push towards the upside would get triggered after breaking above $0.294 and $0.31.
Investors were able to build momentum causing MULN shares to rise on Wednesday.
MULN share prices have steadily traded in the $0.32 range since the beginning of the year.
The automotive stock jumped to $0.44 before retesting its major bottom level.
Will MULN shares keep rising?
117K Call Options vs 1.9K Put Options
A pattern we’ve been seeing with Mullen Automotive stock all of January is much larger call options than put options in the market.
Big volume pushed MULN share prices up on Wednesday with several call options making gains.
Webull’s volume distribution shows us MULN had 117K call options and 1.9k put options on Wednesday.
Call options in MULN have overwhelmed the minority of investors betting against the company stock.
As more and more retail investors come to discover Mullen Automotive, we can expect to see MULN share prices rise.
The company stock continues to be a ‘buy’ from analysts predicting shares to soar more than +7,000% this year.
MULN stock is predicted to reach a high of $24.15 in 2023.
Getting MULN shares to $1 will be the first big milestone for the company stock.
And while experts say continuation of 2022’s bear market can be expected this year, the market has shown us that investors have the power to move the markets as a whole, despite market conditions.
Are you holding Mullen Automotive stock?
Leave your thoughts below on what you think will happen with MULN stock this year.
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