Mullen Automotive (NASDAQ: MULN) is facing a steep decline, with its share price hovering around $0.1670 today. However, a Mullen Automotive price trend analysis shows that the struggle is not over.
The daily chart highlights critical price points for Mullen stock. Immediate support lies at $0.1638, just above its current price. This level has been tested multiple times since August, offering a glimmer of hope that the stock might hold steady. If the price dips below this support, Mullen Automotive price outlook could turn bearish, leading to a possible further decline.
Resistance stands at $1.34, a level that previously acted as support before the current bearish trend. Mullen must break above this level to reverse its trend. Beyond that, $2.54 represents another key target, but the stock would need substantial momentum to reach it.
MULN share price fall indicates broader concerns in the EV market. Despite efforts to innovate and grow, Mullen has been unable to maintain consistent investor interest, as reflected in its stock performance.
In the near term, traders should keep a close eye on the $0.1638 support level. A sustained break below could trigger further losses. However, any positive developments, such as new contracts or partnerships, could lead to a push toward $1.34 resistance, signalling a potential recovery.
The main question in investors’ minds is, Will Mullen Automotive stock rebound? Only time will tell.
Read about the MULN Stock Price Forecast 2024, 2025, and 2030 here.
This post was last modified on Sep 13, 2024, 13:48 BST 13:48