MULN Stock Forecast: Mullen Automotive advances on eve of its Strikingly Different tour

Mullen Automotive (MULN) rose higher yet again on Wednesday, making it six consecutive positive days for the electric vehicle startup. Shares of MULN added a further 6.3% and closed the trading session at a price of $0.54. It was a volatile day on the markets as the major averages fluctuated from green to red. Big tech stocks weighed down the market, and another disappointing quarter from Meta Platforms (META) extended that weakness afterhours. Overall, the Dow Jones eked out a small gain of 0.01%, while the S&P 500 and the Nasdaq fell by 0.7% and 2%, respectively, during the session. 

Mullen Automotive stock price

On Thursday, Mullen is set to kick off its nationwide Strikingly Different tour, which will showcase its upcoming FIVE crossover EV. The tour is already adding additional dates, according to CEO David Michery who tweeted that two new tour dates in Anaheim will be added. The first leg of the tour will see Mullen visit eight different cities, which include Las Vegas, Houston and Atlanta. The second leg will commence in early 2023 with several more cities already scheduled.

Perhaps it is great timing on the part of the company to announce its recent partnerships leading up to the tour. Over the past few months, Mullen has had a steady stream of positive catalysts, including the most recent partnership with European EV maker I-GO. The stock has responded well over the past few weeks, and Mullen is hoping it can help boost it back to the $1 price level to remain listed on the Nasdaq exchange. 

MULN 5-minute chart 10/26/22