Mullen Group MTL-T (Friday’s close $14.55) declined from $16.93 in August, 2018, to $3.85 in March, 2020, (A-B) below a falling trendline (dotted line). It had a breakout above this line and above the 40-week Moving Average (40wMA) in July, 2020, (C), reached $14.48 in October, 2021, (D) and then pulled back and found support near $11 (dashed line). The recent rise above $14.50 (shaded area) signalled a breakout and the start of a new up-leg (E).
Behaviour indicators including the rising 40wMA confirm the bullish status. There is good support near $13.50-14.00; only a sustained decline below $13 would be negative.
Point & Figure measurements provide targets of $16 and $18. Higher targets are visible.
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Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart source: www.decisionplus.com
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