MULN stock down as Wall Street suffers from soaring yields
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UNLOCK OFFER- MULN stock adds losses on Tuesday, and settles at $2.72.
- Mullen Automotive popular in social media although GGPI is gaining ground.
- The EV automaker stock spiked to $4.18 ten days ago.
Update: MULN stock finished Tuesday down 4.9% at $2.72 per share, as Wall Street followed the lead of its overseas counterparts, ending the day in the red. The Dow Jones Industrial Average shed 0.80%, while the Nasdaq Composite gave back Monday's gains and lost 2.25%. The S&P 500 ended the day down 60 points or 1.32%. Equities were battered by mounting tensions in Eastern Europe and the announcement of new sanctions on Russia.
Additionally, financial markets suffered from central banks' aggressiveness. The Reserve Bank of Australia dropped its patient stance and hinted at a potential rate hike in June, depending on macroeconomic data. Additionally, US Federal Reserve Governor Lael Brainard hinted at an aggressive reduction of the balance sheet and noted that combined with rate hikes would move monetary policy closer to neutral later this year. The US FOMC will release the Minutes of its latest meeting on Wednesday.
Previous update: MULN stock is down almost 5% at the time of the update, one hour after the US market open. The electric vehicle automaker shares are exacerbating the retracement seen in the Nasdaq (down 1.4% at the time of writing) and the tech sector, which seems to be embarking on some profit-taking after a positive Monday. Despite better-than-expected Services PMI data printed in the United States, the market mood is generally tepid as inflation talk continues to lead to Fed members turning more and more hawkish. The retail crowd behind MULN stock previous surges seems to be waiting for another branch of positive news or announcements to pump a stock that is gaining social media attention and exposure in the last weeks getting ahead of other popular EV stocks such as NIO or RIVN.
Mullen Automotive stock barely changed on Monday as the stock closed just 1 cent lower at $2.86, MULN stock had briefly traded above $3 in the session but could not hold onto those gains. The stock is a noted favorite of retail traders and has been the subject of much speculation. Last November, MULN stock spiked up to nearly $17 before gradually falling all the way back to $0.53 in February. That marked the low this year in MULN stock as interest rekindled in the name.
Mullen Automotive is a US-based electric vehicle manufacturer. The company is in the initial phase of production and competes in an increasingly crowded sector with the likes of Rivian (RIVN), GGPI, Lucid (LCID), and obviously Tesla (TSLA).
Read more news and analysis on Electric Vehicle stocks
MULN stock news
Mullen is following the likes of Lucid in having former Tesla staff on its payroll. MULN stock was seeing interest early on Monday from the news that it had appointed former Tesla executive John Taylor to be its Head of Global Manufacturing and Strategic Planning.
This will be a key area for all EV makers as supply chain issues come back to bite manufacturers again in 2022. It appears the themes of 2021 are to return in the form of semiconductor chip shortages and supply chain problems from Asia and China. China has placed various cities under lockdown as it battles a new outbreak of the omicron variant. Recent data is showing a spike in the number of ships looking to dock in Chinese ports.
Tesla also announced record Q1 deliveries over the weekend but mentioned supply chain problems.
In response, Mullen CEO David Michary said at Benzinga's EV conference last week that MULN would look to set up a US supply chain to avoid such problems. However, this is a capital-intensive business. At the same conference, MULN stock spiked after Michery said a large company will soon be placing a significant order for electric vans.
Polestar and Hertz (HTZ) announced a partnership on Monday whereby Hertz would order up to 65,000 Polestar electric vehicles over the next 5 years. Polestar is due to be taken public later this year via SPAC deal with GGPI stock.
MULN stock forecast
$5 remains as key resistance if MULN stock is to turn bullish on a medium to longer-term time horizon. Clearly, MULN stock is still in a strong and powerful downtrend from the November highs. $3.69 was the last major high in this downtrend and MULN stock has not really gotten above, despite a fleeting break last week. No consolidation above the aforementioned $3.69 level, so we remain bearish on MULN stock below this level.
$2.06 is key to the short-term trend. Above there is some chance for the recent move to consolidate and attempt to break $3.69, but the longer MULN stock remains below $3.69 the more likely it will be to test $2.09.
MULN stock daily chart
Previous Update: The recent weakness in MULN stock looks set to continue on Tuesday if early indications are anything to go by. After barely ten minutes of the regular session MULN stock is trading at $2.74 for a loss of over 45. MULN stock also dropped on Monday but only barely. Recent strength in Mullen was down to some retail meme stock interest as well as hopes for a greater speed to the electric vehicle transition. Oil price spiking has meant gas prices soaring and this is seen as a catalyst for the sector. But as mentioned below momentum has slowed in MULN stock lately. This is a feature across many other meme names with AMC and GME also slowing. The sector leader Tesla is also lower on Tuesday after a strong 5% gain on Monday.
*The author is long GGPI
- MULN stock adds losses on Tuesday, and settles at $2.72.
- Mullen Automotive popular in social media although GGPI is gaining ground.
- The EV automaker stock spiked to $4.18 ten days ago.
Update: MULN stock finished Tuesday down 4.9% at $2.72 per share, as Wall Street followed the lead of its overseas counterparts, ending the day in the red. The Dow Jones Industrial Average shed 0.80%, while the Nasdaq Composite gave back Monday's gains and lost 2.25%. The S&P 500 ended the day down 60 points or 1.32%. Equities were battered by mounting tensions in Eastern Europe and the announcement of new sanctions on Russia.
Additionally, financial markets suffered from central banks' aggressiveness. The Reserve Bank of Australia dropped its patient stance and hinted at a potential rate hike in June, depending on macroeconomic data. Additionally, US Federal Reserve Governor Lael Brainard hinted at an aggressive reduction of the balance sheet and noted that combined with rate hikes would move monetary policy closer to neutral later this year. The US FOMC will release the Minutes of its latest meeting on Wednesday.
Previous update: MULN stock is down almost 5% at the time of the update, one hour after the US market open. The electric vehicle automaker shares are exacerbating the retracement seen in the Nasdaq (down 1.4% at the time of writing) and the tech sector, which seems to be embarking on some profit-taking after a positive Monday. Despite better-than-expected Services PMI data printed in the United States, the market mood is generally tepid as inflation talk continues to lead to Fed members turning more and more hawkish. The retail crowd behind MULN stock previous surges seems to be waiting for another branch of positive news or announcements to pump a stock that is gaining social media attention and exposure in the last weeks getting ahead of other popular EV stocks such as NIO or RIVN.
Mullen Automotive stock barely changed on Monday as the stock closed just 1 cent lower at $2.86, MULN stock had briefly traded above $3 in the session but could not hold onto those gains. The stock is a noted favorite of retail traders and has been the subject of much speculation. Last November, MULN stock spiked up to nearly $17 before gradually falling all the way back to $0.53 in February. That marked the low this year in MULN stock as interest rekindled in the name.
Mullen Automotive is a US-based electric vehicle manufacturer. The company is in the initial phase of production and competes in an increasingly crowded sector with the likes of Rivian (RIVN), GGPI, Lucid (LCID), and obviously Tesla (TSLA).
Read more news and analysis on Electric Vehicle stocks
MULN stock news
Mullen is following the likes of Lucid in having former Tesla staff on its payroll. MULN stock was seeing interest early on Monday from the news that it had appointed former Tesla executive John Taylor to be its Head of Global Manufacturing and Strategic Planning.
This will be a key area for all EV makers as supply chain issues come back to bite manufacturers again in 2022. It appears the themes of 2021 are to return in the form of semiconductor chip shortages and supply chain problems from Asia and China. China has placed various cities under lockdown as it battles a new outbreak of the omicron variant. Recent data is showing a spike in the number of ships looking to dock in Chinese ports.
Tesla also announced record Q1 deliveries over the weekend but mentioned supply chain problems.
In response, Mullen CEO David Michary said at Benzinga's EV conference last week that MULN would look to set up a US supply chain to avoid such problems. However, this is a capital-intensive business. At the same conference, MULN stock spiked after Michery said a large company will soon be placing a significant order for electric vans.
Polestar and Hertz (HTZ) announced a partnership on Monday whereby Hertz would order up to 65,000 Polestar electric vehicles over the next 5 years. Polestar is due to be taken public later this year via SPAC deal with GGPI stock.
MULN stock forecast
$5 remains as key resistance if MULN stock is to turn bullish on a medium to longer-term time horizon. Clearly, MULN stock is still in a strong and powerful downtrend from the November highs. $3.69 was the last major high in this downtrend and MULN stock has not really gotten above, despite a fleeting break last week. No consolidation above the aforementioned $3.69 level, so we remain bearish on MULN stock below this level.
$2.06 is key to the short-term trend. Above there is some chance for the recent move to consolidate and attempt to break $3.69, but the longer MULN stock remains below $3.69 the more likely it will be to test $2.09.
MULN stock daily chart
Previous Update: The recent weakness in MULN stock looks set to continue on Tuesday if early indications are anything to go by. After barely ten minutes of the regular session MULN stock is trading at $2.74 for a loss of over 45. MULN stock also dropped on Monday but only barely. Recent strength in Mullen was down to some retail meme stock interest as well as hopes for a greater speed to the electric vehicle transition. Oil price spiking has meant gas prices soaring and this is seen as a catalyst for the sector. But as mentioned below momentum has slowed in MULN stock lately. This is a feature across many other meme names with AMC and GME also slowing. The sector leader Tesla is also lower on Tuesday after a strong 5% gain on Monday.
*The author is long GGPI
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