MHK unable to break through key resistance level

Mohawk Industries Inc. (MHK) Technical Analysis Report for Apr 16, 2018 | by Techniquant Editorial Team


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


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 Candlestick Chart (MHK as at Apr 16, 2018):

Daily technical analysis candlestick chart for Mohawk Industries Inc. (MHK) as at Apr 16, 2018

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.

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.

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.

Market Conditions for MHK as at Apr 16, 2018

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