What to Expect With MULN Stock in 2023-24
MULN stock price has been struggling to break above the key resistance level and has been stuck below it. Currently, Mullen shares need more buyers to support an upward movement toward recovery. However, the trading volume is low, which indicates a lack of interest and momentum. At the same time, Mullen shares have are below the 20, 50, 100, and 200-day daily moving averages, which are bearish signals.
Mullen stock price lost 15.28% last week. It fell by 11.44% in the month. Moreover, MULN shares witnessed a decline of about 97.97% in the past six months and a plunge of 99.37% over the past year.
Also, the MULN share price dropped by around 99.37% year to date. These trends collectively show the challenges faced by Mullen shares in their recovery efforts throughout the year.
Technical indicators highlight the downtrend in MULN stock price. Relative strength index (RSI) and moving average convergence divergence (MACD) both indicate the slippage of MULN stock price.
The price at present requires substantial support from the buyers in order to make a recovery as it is facing major resistance from the previous resistance points and multiple moving average levels.
The price may soon attempt to make a bullish recovery. However, as it is trading below the key EMA levels, the buyers will have to face multiple resistance levels in order to attain the target. Buyers are presently making efforts to retake charge of the trend.
On the daily charts, Mullen stock shows sellers’ dominance and slipped below neutrality, showing a negative outlook on the charts. Moreover, the price dropped below the 23.6% Fib level near the lower Bollinger band.
Overall, the technical indicators and price action suggest that MULN stock is bearish and that the downtrend might continue.
Technical Evaluation of MULN Stock
At the time of publishing, Mullen stock (NASDAQ: MULN) is trading below the 50 and 200-day SMAs (simple moving averages), which do not support the price trend.
The current value of RSI is 37.18 points. The 14 SMA is above the median line at 39.81 points which indicates that the Mullen stock is bearish.
The MACD line at -0.0896 and the signal line at -0.1066 are below the zero line. A bullish crossover is observed in the MACD which signals strength for the MULN stock price.
Summary
Mullen stock (NASDAQ: MULN) technical oscillators also support the bearish trend. The MACD, RSI, and EMAs are emphasizing negative signs and imply that the downtrend may continue in the MULN stock price. Mullen price’s action suggests that the investors and traders are bearish on the 1-D time frame. The price action reflects a bearish perspective at the moment.
Technical Levels
- Support Level: $0.0920
- Resistance Levels: $0.8240 and $1.2590
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
