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Bullish predictions for Mullen Automotive’s stock price have emerged following the announcement of positive battery test results by the company. Mullen’s shares surged during after-market trading hours after the company reported better-than-expected outcomes from testing its solid-state polymer cell batteries.
The test results showed that the solid-state battery cell produced 343.28 ampere-hours at 4.2 volts, surpassing the expectations from a previous EV Grid Test, which had rated the battery at 300 ampere-hours at 3.7 volts.
Mullen Automotive claims that a fully charged 150-kWh solid-state battery could power its Mullen Five EV Crossover for more than 600 miles. The company is optimistic about the future of solid-state batteries, which sparked a surge in demand for its stock, pushing it up more than 56% during Tuesday’s trading.
These results could lay the foundation for future bullish predictions for Mullen Automotive’s stock price. Solid-state batteries are considered the future of EV batteries, offering less degradation with repeated charging and a better safety profile than current batteries.
From a technical standpoint, the recent decline in the stock since mid-March was due to the resolution of a descending triangle pattern. The price drop extended beyond the completion point, eventually finding support just above the previous all-time low.
The 4-hour chart shows that the recent price increase resulted from the completion of a relatively flat bullish pennant. This breakout encountered resistance at the 1.54 price level (the low from March 16 and the high from April 25).
To continue the upward momentum, the bulls need to break through this resistance, which could pave the way for a move toward the 2.22 level (the lower edge of the triangle and previous lows from March 30 and April 8). There is a minor barrier at 2.78 (the low from January 28 and the high from April 11), with 3.14 as the next potential target.
On the downside, if the price faces further rejection at 1.54, it could retest the 1.24 support level (the low from May 2 and the high from May 17). Failing to hold this support could lead to a decline toward 0.98, with 0.79 as another potential target (the low from March 7 and the high from May 12), before possibly reaching the all-time low of 0.52.