Just like i said, also i did buy but more than the 10,000 shares that i said i would buy. holding another $10G in waiting for what i see in real time...could be another goofy drop like today or the upside short covering frenzy where i add. either way, i buy again tomorrow. on to......
general commentary and why i remain bullish from here. $Mullen Automotive(MULN)$
look at amc moving up strong today. they produce nothing, relying on others for content. in debt, net debt 9.3 BILLION. insiders own less than one-half % w/ muln over 8% and net debt under 50 million. bankrupted shares of SVB Financial Group (sivbq) trading at 4 times the muln share price. a couple of examples where fundamental analysis fails to validate valuations.
an important aspect, muln fundamentals (projected revenue and partnering) i see incredible upside. and the charts are overdue for upside being way oversold. from the first week of february about 42 cents, weeks of decline losing 76%, NOT all the result of dilution. looking at the third week of february, 9 sessions of support in the 20/30 range. 50 day ma .256 i will refer to the phrase past support (fails) that support level becomes resistance. with the deep oversold to the 50ma i think a reversion to the mean, to the resistance level of .20 is near certain.
bottom line, stocks can trade crazy high and crazy low. ill continue buying knowing this is crazy crazy low.
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