Resistance

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>Mullen stock price (NASDAQ: MULN) shot up 68% after hitting the 52-week low at $0.39.</a> </li> 
 <li> <span>2</span> <a>MULN stock witnessed short covering from the lower levels.</a> </li> 
 <li> <span>3</span> <a>Mullen Automotive Inc. trapped the short sellers.&nbsp;</a> </li> 
</ul> 
<p>Mullen stock (NASDAQ: MULN) surged 68% in the previous session and cleared out the previous short positions. It hit a fresh 52-week low at $0.39 and short sellers began to book their profits.&nbsp;</p> 
<p>MULN stock is in a strong downtrend and no reliable signs of trend reversal are visible. The recent up move is speculative and so prices are likely to face rejection from the higher levels.&nbsp;</p> 
<p>Mullen Automotive Inc. (NASDAQ: MULN) witnessed a spike in buying volume but it lacked fresh buying. The short covering often increases the buying volume which is visible. This type of buying is due to square off the previous positions.&nbsp;</p> 
<p>At the beginning of July, MULN stock showed a similar kind of spike and prices gained 245% in 2 trading sessions. It hit a swing high at $2.91 but buyers were unable to hold the higher levels.&nbsp;</p> 
<p>Slow and steady prices declined and eroded the complete gains. <a href="https://www.thecoinrepublic.com/2023/08/14/bulls-fail-to-control-situation-muln-stock-lost-14-weekly/" target="_blank" rel="noopener noreferrer nofollow">MULN stock</a> closed the previous session at $0.8000 with an intraday rise of 68.07%. The market capitalization stands at $146.11 Million.</p> 
<h2 class="wp-block-heading" id="strong-will-mullen-stock-nasdaq-muln-retest-2-00-strong"><strong>Will Mullen Stock (NASDAQ: MULN) retest $2.00?</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh5.googleusercontent.com/Ek1Bd0wdMCiAQ-WlnPkOgtlvDC5WskX69xR-yp2RcocsfH0sGUcJ53Ai9dPBH5-wKYU87A2zr_9x6PJgClZIZkXPmK_xL1Pd3vFM2MHcV8uZIT8qdiRDbmXvCSMcbUtuLMxZjk29fejOo_1yOE0cRw" alt="Mullen Stock surges 68%; Don’t Dare to Short the MULN Stock"> 
  <figcaption class="wp-element-caption">
    NASDAQ: MULN daily chart by <a href="https://www.tradingview.com/x/AAhxOOuA/" rel="noopener noreferrer nofollow">TradingView</a> 
  </figcaption> 
 </figure> 
</div> 
<p>Mullen stock (NASDAQ: MULN) is inside the bear grip and heavily shorted stock. The financials of the company are also in huge loss. Due to this, the upside in the MULN shares looks limited.&nbsp;</p> 
<p>The recent short covering rally in the Mullen Automotive Inc. might get extended to $1.50. However, the probability of sustaining the higher levels remains low. If the buyers succeed in holding the price above $1.00 next week. Then prices might try to test the $2.00 mark. The technical analysis suggests Mullen’s <a href="https://www.thecoinrepublic.com/2023/08/14/bulls-fail-to-control-situation-muln-stock-lost-14-weekly/" target="_blank" rel="noopener noreferrer nofollow">stock price</a> remains bearish for the long term. So, it’s better to avoid the stock.</p> 
<h3 class="wp-block-heading" id="strong-the-heavily-shorted-muln-stock-remains-bearish-strong"><strong>The heavily shorted MULN Stock remains bearish</strong></h3>  
<div class="tradingview-widget-container">
  &nbsp;&nbsp; 
 <div id="tradingview_1fea5"></div> &nbsp;&nbsp; 
 <div class="tradingview-widget-copyright"> <a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow" target="_blank"><span class="blue-text">Track all markets on TradingView</span></a> 
 </div> &nbsp;&nbsp; 
 <script type="text/javascript" src="https://s3.tradingview.com/tv.js"></script> &nbsp;&nbsp; 
 <script type="text/javascript">

  new TradingView.widget(

  {

  "width": 950,

  "height": 500,

  "symbol": "NASDAQ:MULN",

  "interval": "D",

  "timezone": "Etc/UTC",

  "theme": "dark",

  "style": "1",

  "locale": "en",

  "enable_publishing": true,

  "allow_symbol_change": true,

  "studies": [

    "STD;Supertrend"

  ],

  "container_id": "tradingview_1fea5"

}

  );

  </script> 
</div>  
<p>MULN stock price is bearish on multiple time frames. Any short-term pullback is likely to get rejected on higher levels. The broader market is also reversing so the short-covering rally in MULN may not extend to $2.00.&nbsp;</p> 
<p>The MACD, RSI, Supertrend all the indicators are bearish. But, it’s better to avoid creating a position in any of the directions.</p> 
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4> 
<p>Mullen stock (NASDAQ: MULN) witnessed a wild short-covering rally from the lower levels. MULN stock surged 68% and formed a bullish candle.&nbsp;</p> 
<p>The rally may get extended to $1.00 but prices will fail to hold the higher levels.&nbsp; The technical analysis suggests that MULN shares are in bears’ grip so it’s better to avoid stock.</p> 
<h5 class="wp-block-heading"><strong>Technical levels</strong></h5> 
<ul> 
 <li>Resistance levels: $1.000 and $1.500</li> 
 <li>Support levels: $0.4000 and $0.3000</li> 
</ul> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.</p>

Mullen Stock surges 68%; Don’t Dare to Short the MULN Stock

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Thecoinrepublic.com

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