MULN Technicals

Directly below, you can see the daily candles. We had a very bullish breakout with a gap up in pre market at the open of the short 4-day week last week.This naturally led to some profit taking during the rest of the week after a massive jump like that. The share price maintained its position above the short-term downtrend you can see below. This is all following a higher low made recently after a brief downturn in MULN along with the rest of the broader market several weeks ago. Most of you ”Mullen-ials” on Moomoo already know my long-term stance on MULN. But these daily candles do indeed look somewhat bullish in the short term technically.

But when we zoom in a little closer to the 4-hour candles, I can see a tiny bit more downside before climbing back up if this is indeed the start of an uptrend. It does look like it is trying to form an uptrend, at least for the short term. It appears that it might follow the new price channel I marked in the purple lines. The price might stay within these levels potentialy. Those are the supports and resistances I am watching. Especially that area circled in green. That is my area of interest for a swing trade, possibly to the upside. The 4 hour candles look like a bit of downside before a bounce up. The daily candles look much more bullish.

So where are we going next week? New highs above this new trending channel seen above marked in purple? Or will we stay within this new price channel next week? Or will we break down below this purple short-term price channel? If it does break down below the new price channel, then I would exit any investment as the long-term trend is downward.