MHK unable to break through key resistance level
Mohawk Industries (MHK) Technical Analysis Report for Apr 16, 2018
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.
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.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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