MHK finds buyers at key support level

Mohawk Industries (MHK) Technical Analysis Report for Sep 14, 2018

Highlights

MHK closes above its opening price after recovering from early selling pressure
MHK finds buyers at key support level
MHK closes higher for the 2nd day in a row
MHK pushes through previous session high
MHK ends the day indecisive

TQ Sentiment

Report Sentiment: 60% Bullish
Technical Forecast:

Overview

Moving higher for the 2nd day in a row, MHK finished the week -0.81% lower at 187.10 after gaining $1.21 (0.65%) today. Trading up to $1.36 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Thursday's high at 186.72, the share confirms its breakout through the prior session's high having traded $1.31 above it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for MHK

Volatility

Friday's trading range was $2.79 (1.5%), that's slightly below last trading month's daily average range of $3.10. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being below average.

Support/Resistance

After trading as low as 185.24 during the day, the stock bounced off the key support level at 185.33. The failure to close below the support might increase that levels importance as support going forward.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Conclusion

Even though both sentiments are bullish for the next trading day, the classical technical analysis metrics are only slightly bullish while our quantitative statistics show a bullish sentiment.

Market Conditions for Mohawk Industries

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