MULN shares rose +24.59% on Thursday to close at $0.41 (1/5).
The stock had closed at $0.33 its previous trading day.
Trading volume in Mullen Automotive also surged on Thursday, reaching 522 million, over 300 million more volume that its average daily volume.
The sentiment in MULN remains highly bullish as more retail investors discover the case study behind analyst predictions of a possible +7,000% move this year.
The company’s diverse and effective scalable energy solutions are making entry for exponential growth in 2023.
Will MULN shares keep rising?
Let’s take a look at the information that the market is presenting to us today.
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Here’s the latest MULN stock news.
MULN Call Options Dwarf Sellers
Right off the bat we’re seeing investors are radiating strong bullish sentiment towards MULN stock.
On Thursday, there were a total of 194.01K call options versus 12.77k put options.
On Wednesday, call options dominated puts at 59.6k (calls) vs 1.85k (puts).
We saw an increase in call options by 135.4k and an increase of put options by 11k overnight.
We’re looking at market sentiment for MULN stock as 94% bullish and 6% bearish.
Short-term, it’s very possible we see MULN stock squeeze as the market cap multiplies.
Mullen Automotive had a market capitalization of $437.7 million at the end of December 2022 but has increased to $524.9 million in only the second trading day of the new year.
Today, the company’s market capitalization is nearing $700 million.
Will MULN stock keep going up?
Based on investor sentiment and buy volume, one would expect it to.
But let’s take a look at some technical analysis to determine a few possibilities.
MULN stock is testing its closing price after hours of $0.4180.
It’s begun to consolidate in a channel between $0.40 and $0.41 but we can it begin to trend upwards mid-channel.
If price is able to break above $0.4180 then retail investors can expect another leg up to retest $0.44-$0.47.
A break above $0.47 and MULN will be retracing its steps first to $0.60-$0.70 and eventually to its first $1.
It’s during these levels where we can expect some type of serious FOMO and heavier buying to kick in.
As of today, several financial institutions are bullish on Mullen Automotive.
Out of 173 financial institutions investing in Mullen Automotive, only 1 is short with 172 being long, per Fintel.
Two of Mullen Automotive’s biggest investors being Vanguard and BlackRock.
All bullish signs of a stock that’s getting ready to scale up.
Now, say the stock moves down.
Our TA shows MULN may retest $0.40 with a strong probability of bouncing back to +$0.41.
However, in the scenario that it breaks below $0.40, we can expect the stock to retest $0.37-$0.38.
MULN Stock: Long-Term Outlook
Many of you reading this already know the analyst consensus for MULN stock is a ‘strong buy’.
Experts are predicting MULN shares to go up as much as +7,000% to $23 per share by the end of the year.
This is quite an ambitious approach.
In 2021, GameStop shares rose by more than +1,500% and AMC Entertainment rose by more than +3,000%!
In 2022, shares of AMTD Digital, Inc. (HKD) stock surged more than +20,000% since its IPO date just a month prior.
A +7,000% gain rise in MULN shares is certainly not unprecedented.
Some shareholders argue the rise to $23 could be the beginning for Mullen Automotive.
But I’m curious to hear what you think.
Leave a comment down below.
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