MHK closes within prior day's range


Mohawk Industries Inc. (MHK) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team

Highlights

MHK closes within previous day's range

Overview

MHK ended Wednesday at 100.29 gaining $1.50 (1.52%) on low volume, strongly outperforming the S&P 500 (-0.46%). Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.

Daily Candlestick Chart (MHK as at Sep 16, 2020):

Daily technical analysis candlestick chart for Mohawk Industries Inc. (MHK) as at Sep 16, 2020

Wednesday's trading range has been $2.86 (2.87%), that's slightly below the last trading month's daily average range of $3.08. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for MHK.

One bearish candlestick pattern matches today's price action, the Shooting Star. The last time a Shooting Star showed up on July 29th, MHK lost -3.16% on the following trading day.

Prices are trading close to the key technical support level at 97.91 (S1).

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

Trading close to July's high at 103.65 we might see further upside momentum if potential buy stops at the level get triggered.


Market Conditions for MHK as at Sep 16, 2020

Loading Market Conditions for MHK (Mohawk Industries Inc.)...
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