Mullen stock price is facing strong bearish pressure on the daily technical charts, as it is trading below the 100 and 200-day EMAs. The stock failed to break above its key resistance levels near the EMAs in the past few months, despite several attempts by the buyers.
Mullen’s price prediction suggests that the stock is in the firm grip of the bears and needs to show some signs of reversal before confirming a bullish trend.
The technical indicators favor the bears. RSI and the stochastic RSI oscillator are moving near the overbought zone whereas the major EMA lines are acting as barrier points for MULN price.
The stock is currently trading near $0.5901, with a marginal drop of 2.32% in the intraday session. The stock has a potential upside target of $1, but it needs to overcome the bearish momentum and surge above the 200-day EMA. The stock has a support level of $0.386, which could prevent further downside.
The company’s performance has been dismal throughout the year. It reported -99.82% returns in the year-to-date period; 97.82% in the last six months; and -23.28% last month. This shows a persistent bearish trend that has not reversed yet.
Technical Analysis of Mullen Stock Price in 1-D Timeframe
Mullen stock (NASDAQ: MULN) is trading under the 50 and 200-day DMAs (daily moving averages), which are not upholding the price trend. The current value of RSI is 42.35 points. The 14 SMA is above the median line at 34.02 points which indicates that the Mullen stock is bearish.
The MACD line at -0.1331 and the signal line at -0.1916 are below the zero line. A bullish crossover is observed in the MACD indicator which signals strength for the MULN stock price.
Weekly-Time Horizon Analysis
The weekly charts of Mullen stock reveal that the sellers have been dominant. The stock has been on a downward trend, as it has broken below the key EMAs. The technical indicators also confirm the bearish sentiment, as the RSI is near the oversold zone at 38 and the MACD has formed red bars and a bearish crossover. These signals indicate that the stock may face more downside pressure in the coming weeks.
Summary
Mullen (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 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: $0.0923.
- Resistance Levels: $0.8248 and $1.2594.
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.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/09/20/mullen-stock-prediction-will-muln-stock-break-above-1-mark/