First off, let me say I'm a complete NOOB and mostly paper trading as I learn the ropes but, I'm putting in lots of time and would like your thoughts. I've been watching MULN for a while now and have a small position. Today I noticed that it appears to be in a descending triangle. From everything that I've read and seen online this does not bode well for the stock in the near term? I would like to hear from those who are more experienced than I at technical analysis. Is my read on this correct in the near term. The pattern is almost identical across all my time frames (39m,78m, & daily.)
Descending triangle means bullish actually. When triangle goes downward usually a breakout to upside occurs. In an ascending triangle like it’s moving upward is usually bearish. It’s like opposite directions of the triangle but they’re not 100% accurate. And with a high CPI and growing inflation and war in Europe I wouldn’t bet on much going to the upside not to mention MULN being investigated and insiders selling shares. Nothing is bullish and most likely breaks support level at 2.20… if drops below that price we could see 0.79 cents! If bounce off 2.20 I would look for bull trap 🪤 first if not then possible short squeeze can happen! 🦍 of course
Good work, keep it simple like this going forward and you will be successful, I like Muln Long term as the price of the company is well undervalued IMO , Buy and hold for me.
F500 order news looming, van delivery looming, positive er outlook, 450 mil govt loan 4th qtr. amazing battery tech. Those are why you should buy and hold, not some triangle
Nico.Muselle
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Greetings, well done on sharing your first idea with the community. Hope you liked the task. Let us know if you have any feedback. ✌🏽from mod @Nico.Muselle, TradingView moderator