Why is Mullen going to 1$+ soon based on technicals – by MULNm00n

Disclaimer ; Not financial advice, I personally own a large position in MULN and this is my own DD. Always try to do your own DD.

As we always do in technical analysis of assets we want to swing trade or hold for a decent amount of time, we go from higher to lower time frame looking for confluence or in other words, multiple factors to back our bullish case. So try to follow along as I break it down for you building the chart from zero from the Weekly to the 1H timeframe. Anything under 1H the to me is irrelevant as I hold long and strong.

Weekly –

On the weekly timeframe you can see MULN forming a mega falling wedge from the 4$ high. This pattern is often kinda bullish because it means that once the bottom is found a new wave of traders/investors and people will want to jump in, and once this breakout of the upper part is completed, breakout traders and day traders will also jump in pushing the price even higher.

We can also see on the volume chart below the moment where institutions jumped in creating a change in character for the stock. Lastly the RSI is slowly creeping back up showing an renewed interest for MULN overall.
Nothing too crazy yet, but let’s continue.

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Descending wedge

Daily

As we scale down to the daily timeframe we start the see a pattern where people will sell this upper trendline and buy the bottom trendline, but since the price of the breakout keeps getting lower chances of said breakout are increasing.

We can also see on the volume profile a clear interest in the company due to recent positive and bullish news both by tutes and retail.

The mesure move from this breakout would bring us around 2$ on the medium term the lower the break out occurs the lower this target gets. But between 1$-2$ seems like a faire assesment for the time being.

Our RSI above the midline gives me a good feeling that this breakout out could occur as early as the next 2-3 weeks.

Keep in mind the good news aswell as important documentations and PR is expected to be released whitin this timeframe.

Gamma squeeze ;

There’s also a decent amout of open interest on the .50 calls, a rising CTB at (the time of writing this it ranged from 300 to 1000% depending on the broker.) Short interest around 12% accounting for 180M shares sold not yet purchased.

This could help mullen push above or get to .50 which would confirm a reversal of the trend by creating a higher low. Basically saying this would alow us to breath for the first time in months.

insert rocket shit emoji

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4H (Wyckoff Accumulation)

On the 4h we can the footprint institutions left on the chart since this kind of volume (marked in pink) cannot be retail alone. There is clearly a deep interest for this company as we can see whales and funds have only been loading up massively during the end of PHASE B.

you can check out institutional ownership on MULN by yourself on this website ;
https://fintel.io/so/us/muln

Since we created this bottoming formation in the form of a double bottom at around .18 marking the end of phase C (wyckoff spring) the stock has been performing well and as soon as we get this break out and enter phase D for real this thing will fly.

As irritating as annoying at this long and painful phase B was what is coming will be glorious and will reward those who were patient and accumulated.

Good volume, wyckoff spring, higher low. Things are looking up

1H (trend reversal + good news)

This is pretty much how I see things playing out during these next few months, people will penny flip, people will fold, some peeps might get impatient some will FOMO all of that, but personally I want to hold and I will buy up to 1$ cause I really believe in this company and all those good news has me very positive. I’d rather buy now along with smart money with such a low risk then FOMO later but that’s just me.

Things are adding up quiet nicely.

These last years have taught me that anything is possible and I don’t have a crystal ball but.. , if AMC ran to 72, if RDBX ran to 18, ATER to 40, BBBY ran to 30, NIO to 50 tesla to 1000, GME to 400 … who’s to say that 4$+ on MULN is impossible even with this large of a float. So I will keep buying shares until the breakout and then ride this thing to the freaking moon.

I believe in my thesis in my TA and my strategies, and I believe in the company MULN to the moon baby !

shoutout to the MULN fam and youtubers who actually keep it real, you know who you are.

Paytience