Will Mullen Automotive (NASDAQ:MULN) shares go up this week?
The company stock rose +7% on Friday after gaining +24% that trading week.
There’s a strong bullish sentiment surrounding MULN stock that is attracting new retail investors at just the right time.
Mullen Automotive recently received a $200 million purchase order for 6,000 cargo van EVs in December.
The news carries weight going into the first quarter of 2023 after the company’s partnership with industry leader, Randy Marion Automotive Group.
Momentum in the past month has compounded as more investors begin to discover price targets from experts and analysts.
Mullen Automotive’s stock price forecast targets a high of $24.15, mid of $23.46, and low of $23.23.
“Mullen Automotive is set up for a short squeeze that may not begin if the company cannot issue some favorable news in the next few weeks,” said MarketBeat analysts in January.
Could MULN stock be the next GME, AMC, or even HKD?
These stocks surged 1,500%, 3,000%, and 20,000%.
MULN Bullish Trend
In the past month, MULN stock has had one particularly strong bullish trend; its call options vs put options ratio.
This market sentiment is what makes Mullen Automotive stock stand out from many others in the market.
It has an extremely high bullish conviction.
On Friday alone, we can see the stock had a total of 131.62K call options and 11.22K put options.
That’s nearly 12 times more call options than put options.
And this is a trend we’ve seen all throughout the new year so far.
Both retail investors and institutional investors are majority long on the company.
But Mullen Automotive will need to continue to prove itself to institutional buyers for heavier buying pressure to push the stock past $0.44, a strong resistance level.
MULN stock tested $0.44 in January and again during the first week of February.
Shares rejected $0.44 coming back down to $0.39 before bouncing back to $0.40 on Friday.
This means that even as shares fall, buyers are picking up the dips.
A break past $0.44 could create the chain reaction the stock needs to make its way to $0.60 and to $1.
Will MULN Stock Go Up This Week?
MULN stock has proven to be extremely bullish this year-to-date.
If shares are able to maintain above $0.42 this week, it’s highly probable that the stock will continue to rise.
In a war between bears and bulls, bulls are in the lead, but they’ll need to maintain that buying pressure if they are to see $1 per share before Nasdaq’s deadline in March.
Are you holding Mullen Automotive stock this year?
Are you a long-term shareholder?
Leave your thoughts in the comment section below.
Market News Published Daily
For more stock market, business news and updates, join the newsletter to receive weekly market news and notifications straight to your inbox.
Franknez.com is the media blog that keeps retail investors informed.
- Gain access to EXCLUSIVE FrankNez articles you won’t find here.
- Become part of a private and safe Discord community, just for retail investors.
- Get drawn at the end of the year for holiday giveaways.