MHK finds buyers at key support level
Mohawk Industries Inc. (MHK) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (MHK as at Sep 14, 2018):
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.
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.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.