MULN Stock Forecast: Mullen Automotive rebounds during relief rally on Wall Street

NASDAQ:MULN gained 2.83% during Tuesday’s trading session.
Mullen’s stock remains in a long–term downtrend despite recent catalysts.
The US Army is analyzing Canoo’s EV Vans for various military uses.

Stocks Reporter FXStreet

NASDAQ:MULN bounced back on Tuesday after a late-session collapse to close trading on Monday. Shares of MULN added 2.83% and closed the trading day at $1.09. Stocks rallied higher as all three major indices punished back above their 50-day moving averages for the first time since April. The recent performance of the markets indicate that investors could be thinking that the bottom is in for this bear market. Overall, the Dow Jones jumped higher by 754 basis points, the S&P 500 gained 2.76%, and the NASDAQ posted a gain of 3.11% during the sesion.

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Mullen’s stock still remains in a long-term downtrend as the EV startup remains below both its key 50-day and 200-day moving averages. Despite recent catalysts like the deal with DelPack Logistics to supply electric delivery vans, as well as the future launch of its FIVE Crossover EV, Mullen’s stock has failed to really develop any momentum. Even with the recent bullishness surrounding electric delivery vans from companies like Rivian (NASDAQ:RIVN) and Canoo (NASDAQ:GOEV), Mullen continues to be left spinning its tires on the charts.

Mullen stock price

Speaking of Canoo, more details were released on the company’s involvement with the US Army. Canoo is providing an electric van to be analyzed for military usage. This includes things like troop transport and being deployed on military operations. The EV startup already has a partnership with NASA and recently signed the deal with WalMart (NYSE:WMT) so a new partnership with the US Army would not be surprising.

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