Written by Cláudio Afonso | info@claudio-afonso.com
Mullen shares closed 2.83% lower on Wednesday and are currently at $2.40 per share representing a Market Cap value of $574 million. The stock lost almost 10% of its value during the last five days, although, is still up 37% on the last 30 days.

The announcements made in late February have been bringing the attention from the investors, namely Mullen’s next-generation solid-state polymer battery technology. The new approach represents a significant advancement over today’s current lithium-Ion batteries and delivers over 600 miles of range and 18-minute DC fast charge giving over 300 miles of range.
As the main resistance area, it is important for the stock to hold the $2.15 – $2.19 zone, that has been tested 5 times since March 18 showing a good Buy pressure. When it comes to the next resistance levels, investors should watch the $2.51 and $2.58 zone as the next target.
The $2.78 level represents the 38.2% Retracement from 13 Week High ($4.18) and has already been rejected three times on April 6, 8 and 11. (yellow rectangles)

Support/Resistance Levels | Price | Key Turning Points |
---|---|---|
1-Month High | 4.18 | |
13-Week High | 4.18 | |
14 Day RSI at 70% | 4.16 | |
3.21 | Price Crosses 18 Day Moving Average Stalls | |
3.19 | 14-3 Day Raw Stochastic at 80% | |
3.16 | 38.2% Retracement From 4 Week High | |
3.06 | 14-3 Day Raw Stochastic at 70% | |
2.87 | Price Crosses 9 Day Moving Average Stalls | |
2.85 | 50% Retracement From 4 Week High/Low | |
2.82 | 3-10-16 Day MACD Moving Average Stalls | |
2.80 | 14-3 Day Raw Stochastic at 50% | |
2.78 | 38.2% Retracement From 13 Week High | |
Pivot Point 3rd Level Resistance | 2.71 | |
2.71 | Price Crosses 18 Day Moving Average | |
Pivot Point 2nd Level Resistance | 2.62 | |
2.58 | Price Crosses 9 Day Moving Average | |
2.54 | 38.2% Retracement From 4 Week Low | |
2.54 | 14-3 Day Raw Stochastic at 30% | |
High | 2.53 | High |
Pivot Point 1st Resistance Point | 2.51 | |
2.49 | 14 Day %k Stochastic Stalls | |
2.43 | 14 Day RSI at 50% | |
2.42 | Pivot Point | |
2.41 | 14-3 Day Raw Stochastic at 20% | |
Last Closing Price | 2.40 | Last Closing Price |
2.35 | 50% Retracement From 13 Week High/Low | |
Low | 2.33 | Low |
Pivot Point 1st Support Point | 2.31 | |
Pivot Point 2nd Support Point | 2.22 | |
2.20 | 3-10 Day MACD Oscillator Stalls | |
Pivot Point 3rd Support Point | 2.11 |
On Wednesday session, 41.66 million shares were traded, a result 35% under its 65-day volume average of 119.14 million shares. The last day that the stock had less than 45 million of volume was on February 18 when the share price was around $0.80 — 200% lower than the last closing price.

This may indicate a (natural) cool down for all the hype this electric vehicle maker has having these last weeks with some swing traders taking profits from the last run but it’s still worth to watch the upcoming months and how the company will prepare the first deliveries of the already announced Mullen FIVE model.
Mullen’s stock hourly RSI is currently at 40.94 being under 30 considered Oversold and above 70 Overbought. Mullen’s hourly RSI touched oversold levels when the share price when the stock was trading at 3 week lows of $2.15.
Earlier this week, a SEC filing was unveiled noting that Mullen‘s President of Automotive Division Calin Popa accquired 100,000 shares on the company on April 8. Popa owns now a total of 159,729 Mullen shares. Popa’s transaction nature was Type A — Grant, award or other under Rule 16b-3(d) and represents a direct ownership.
On April 8, the host of Risk on Show Podcast interviewed Tom Gage, the engineer who tested Mullen’s batteries confirming its results. The episode came one the day after Hindenburg Research Firm claimed that the electric vehicle maker “apparently misrepresented the test results, according to the CEO of the company that performed the tests”.
On April 1, Mullen’s CEO David Michery, filed a SEC form announcing changes in beneficial ownership with transactions made between March 22 and March 28, 2022. Michery sold 300,000 shares at an average price of $2.495 ($748,500 USD), disposed of 428,382 contracts and acquired 1,198,328 contracts.
Mullen Automotive announced recently the promotion of Mullen executive John Taylor to the role of senior vice-president of Global Manufacturing and Strategic Planning. Taylor joined Tesla in 2010 being one of the first 50 employees, leading the advanced manufacturing engineering group. Taylor played a critical role in opening Tesla’s Fremont facility and manufacturing operations for the Tesla Model S and architecture for future EV projects.
On April 1, Mullen Automotive CEO David Michery filed a SEC form announcing changes in beneficial ownership with transactions made betwen March 22 and March 28, 2022. Michery sold 300,000 shares at an average price of $2.495 ($748,500 USD), disposed of 428,382 contracts and acquired 1,198,328 contracts. Last December, Michery had filed a form disclosing ownership of 22,174,720 shares of Mullen — 62.5% ownership.
Recently, the company announced that it expects to report in excess of $65 million in cash and cash equivalents when it files Form 10Q for the Company’s second quarter ending March 31, 2022. “We’ve made tremendous progress in key areas over the past three months,” said David Michery, CEO and chairman of Mullen Automotive.
Written by Cláudio Afonso | info@claudio-afonso.com