MILN Electric Vehicle Penny Stock
Updated
MULN is a nine-penny stock that is high volatile with a wide ATR.
On the 15-minute chart, price is currently sitting above the support zone
shown by the Luxalgo indicator. Upside to the resistance zone is
nearly 40% which this stock can do in 1-2 days. Just in the past two days
MULN formed a double top at 12 cents near to the VQAP + 2 then tended down.
After the downtrend price currently in the undervalued range one standard
deviation below VWAP which MULN is using for support.
The RSI confirms price as in the low oversold zone while the high relative
volume in the past couple of days affirms trader interest. Once a reversal
is steadily underway I suspect a volume surge will drive price higher
and do so quickly.
I see this as a great opportunity to take swing long trade looking for
at least 1/2 of the upside 40%. The stop loss will be set just below the support zone.
If price moves there the trade is invalidated. If not the target is 12 cents at the
level of the double top or alternatively a more conservative target of one standard
above VWAP ( blue line) at about 11.4 cents. Lastly, there is the alternative of
inexpensive options which if taken strategically can significantly leverage
the returns of a stock trade.
On the 15-minute chart, price is currently sitting above the support zone
shown by the Luxalgo indicator. Upside to the resistance zone is
nearly 40% which this stock can do in 1-2 days. Just in the past two days
MULN formed a double top at 12 cents near to the VQAP + 2 then tended down.
After the downtrend price currently in the undervalued range one standard
deviation below VWAP which MULN is using for support.
The RSI confirms price as in the low oversold zone while the high relative
volume in the past couple of days affirms trader interest. Once a reversal
is steadily underway I suspect a volume surge will drive price higher
and do so quickly.
I see this as a great opportunity to take swing long trade looking for
at least 1/2 of the upside 40%. The stop loss will be set just below the support zone.
If price moves there the trade is invalidated. If not the target is 12 cents at the
level of the double top or alternatively a more conservative target of one standard
above VWAP ( blue line) at about 11.4 cents. Lastly, there is the alternative of
inexpensive options which if taken strategically can significantly leverage
the returns of a stock trade.
Trade active
MULN is up an insignificant increase showing relative strength on a generally down market day.
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