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

NASDAQ: MULN gained 6.3% during Wednesday’s trading session.
Mullen is about to embark on its Strikingly Different Tour across America.
Mullen’s recent announcements are helping to fuel interest in the tour.

Stocks Reporter FXStreet

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

Premium

You have reached your limit of 3 free articles for this month.

Start your subscription and get access to all our original articles.

Subscribe to Premium Sign In

Author

Stocks Reporter

FXStreet

EUR/USD rebounds from session lows, stays below 1.1650

EUR/USD is recovers modestly from session lows but remains in the red below 1.1650 in European trading on Thursday. The pair faces headwinds from a renewed uptick in the US Dollar amid a negative shift in risk sentiment. Surging energy prices due to the Middle East war keep the bearish pressure intact on the Euro. The US Jobless Claims data are next of note.

GBP/USD stays weak near 1.3350 amid UK stagflation risks

GBP/USD sticks to losses near 1.3350 in the European session on Thursday. The Pound Sterling loses ground amid fears that the United Kingdom economy could face stagflation risks due to higher energy prices, while the US Dollar attracts fresh havem demand ahead of the US Jobless Claims data.

Gold climbs near $5,200 as Iran war fuels safe-haven demand

Gold price extends its gains for the second successive session on Thursday as traders seek safety amid the ongoing war in the Middle East. US and Israeli strikes across Iranian territory and widespread Iranian missile and drone retaliation across the Middle East, including attacks on regional targets and military sites, prolong the crisis and its impact.

Three reasons to be bearish on Bitcoin

Bitcoin is holding up well taking into account the uncertainty stemming from the Middle East. Despite this week’s rally, the long-term outlook remains bearish. Here are three reasons why I think the storm for the largest cryptocurrency isn't over yet.

FX alert: When Energy still writes the macro script the Dollar holds the pen

The market is quietly sliding back into the trade nobody wanted to own, but everyone now has to respect again. The no quick off-ramp trade. Yesterday’s bounce in risk assets already looks less like a turning point and more like a classic relief rally in a market that briefly inhaled before realizing the room was still on fire.

Cardano Price Analysis: Approaches key trendline amid bearish sentiment

Cardano (ADA) price is approaching its descending trendline around $0.28 at the time of writing, set to shape the next directional move. The derivatives metrics paint a bearish picture, with ADA’s Open Interest continuing to fall and short bets rising among traders.