PreMarket Prep: Sono, Mullen Automotive Technicals On 'Briefing With Brent'

It is Monday on PreMarket Prep Plus, so that means another segment of “Briefing With Brent.” Brent Slava has been the head of the Benzinga Pro newsdesk since 2013 and has helped investors big and small navigate the financial markets through their ups and downs.

The Week Ahead: With earnings season over for the most part and a shortened week of trading as a result of the Thanksgiving holiday, there is not much going on the macro front to move markets. Perhaps the only surprise for the week was the announcement that President Joe Biden has reappointed Jerome Powell as chair of the Federal Reserve Bank.

Slava wanted to alert inventors that because of the abbreviated trading week, the U.S. government has changed the date for the release of third-quarter GDP. Instead of the release being made on Friday, the data will be released at 8:30 a.m. EST on Wednesday.

Consumer EV Market: With the Los Angeles Auto Show taking place coupled with the recent buzz surrounding the electric vehicle market, Slava wanted to share a few consumer EV makers on his radar and see how the charts were looking on.

The first issue he took a look at the technicals for is a new IPO, Sono Group NV SEV,
With only five days of data, it is difficult to deep-dive into the technicals, but the issue looked weak following a burst on day one that faded on day two.

After the two-day slaughter, the only relevant number on the chart was its low from its first day of trading at $20.06. Once the issue breached Friday’s low ($24.51) off the open, sellers engulfed the issue and it surpassed its former all-time low ($20.06), falling to $19.51, and it is now attempting to rebound.

The other issue of interest to Slava was Mullen Automotive MULN. After bolting to $15.90 on Wednesday, the Street has had a change of heart on the company. The issue was hit hard on Wednesday ($13.14 to $10.12) and Thursday ($12.19 to $10.14). It steadied on Friday to end the week at $10.14.

Based on the daily charts, there was potential support at the multiple lows surrounding the $9.60 area. However, that area found few buyers in Monday’s session and it continues to make new lows for the session. 

The discussion from Monday’s broadcast with Slava can be found here: