MHK unable to break through key resistance level


Mohawk Industries (MHK) Technical Analysis Report for Apr 16, 2018 [< 1 min read]
Highlights
MHK closes below its opening price unable to hold early session gains
MHK unable to break through key resistance level
MHK still stuck within tight trading range
MHK closes within previous day's range after lackluster session
TQ Sentiment
Report Sentiment: 50% Bearish
Technical Forecast:
Overview

MHK finished Monday at 239.54 edging higher $0.34 (0.14%). Trading $1.19 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session.

Daily chart for MHK
Volatility

Monday's trading range was $3.33 (1.38%), that's below last trading month's daily average range of $5.56. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 236.09 and 241.96 which it has been in now for the last trading week.

Support/Resistance

Unable to break through the key technical resistance level at 241.09, the stock closed below it after spiking as high as 241.96 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward.

Trend

Although the market is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Mohawk Industries
ConditionForecastDirectionWinAvgWorstBestEvents
Close to Swing Low TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
Bearish Bounce off SMA 100 TQ Pro Members Only
Bullish Spinning Top TQ Pro Members Only
Bullish Intraday Reversal TQ Pro Members Only
More market conditions identified for TQ Pro members...
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