Mullen Automotive’s stock has again plunged, continuing its sharp decline from earlier this year. Today, the stock is down 13.13%, trading at $6.68. With shares sliding, Mullen share price is now approaching critical support levels that could signal what’s next for the struggling electric vehicle maker.
Looking at the daily chart, (NASDAQ: MULN) has been on a downward spiral since April, where the stock peaked near $800. Since then, the company has lost the confidence of investors as prices steadily declined. In June, the stock broke the crucial $240 support, followed by a dip below $56.64, and now it’s inching toward the $3.63 level. If this trend continues, Mullen could see even lower lows.
Technically, Mullen’s next significant support level is $3.63. If the stock fails to hold this level, the chances of a further collapse increase. On the upside, resistance can be found at $56.64, but given the recent market sentiment, it will take a significant push for Mullen to recover that ground. Investors are eyeing these levels, anticipating whether the stock will stabilize or face additional downward pressure.
With no major developments from Mullen Automotive to trigger a reversal, many investors remain cautious. The broader electric vehicle stocks market faces tough competition, and without any upcoming catalysts, Mullen might continue to struggle in the near term. The stock’s movement remains firmly in bearish territory, with no immediate signs of recovery.
This post was last modified on Sep 23, 2024, 10:20 BST 10:20