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Archive
- 4/5/2024 -
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Mohawk Industries (MHK) Technical Analysis
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| Summary:
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| | It was the negative week for the Mohawk Industries (MHK). During the week, the MHK dropped -8.53 points, or -6.52%, and closed at 122.36 on Friday, April 5, 2024. Weekly volume was -24% below average.
 Long-term trend: [See MHK long-term trend chart]
A long-term downtrend had started on May 10, 2021 at 231.80 and reached 76.02 on October 27, 2023. MHK lost 155.78 points, or 67.20%, in 128 weeks. The chart has formed a Falling Wedge chart pattern. The downtrend resistance line (71.15) is broken. A broken support is considered to be a long-term bullish signal. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a long-term trend.
 Medium-term trend: [See MHK medium-term trend chart]
A medium-term uptrend had started on October 27, 2023 at 76.02 and reached 131.19 on March 28, 2024. MHK gained -55.17 points, or -72.57%, in 21 weeks. The chart has formed a Rising Wedge chart pattern. The trend support level is at 120.09 and resistance is at 130.65. A Rising Wage is a triangle formation with a noticeable slant to the upside. It represents the loss of an upside momentum on each successive high and has a bearish bias. The Rising wedge usually marks a reversal in an uptrend. In a downtrend a rising wedge is considered to be a continuation pattern. Use the following link to access a Rising Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Wedge pattern in a medium-term trend.
 Weekly Technical Indicators: [See MHK weekly technical indicators chart]
Weekly Williams' Percentage Range and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Williams' Percentage Range and Lane's Stochastic. During the last week, weekly Lane's Stochastic main line (%K) has declined below the overbought signal line (%D). Such crossover is considered a bearish signal. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic and Williams' Percentage Range help.
The weekly MACD line is above its signal line since December 1, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is relatively high, but getting smaller. It indicates that the current medium-term uptrend is still strong, and momentum is beginning to wane. Use the following link to access a MACD help.
 Short-term trend: [See MHK short-term trend chart]
A short-term downtrend had started on March 28, 2024 at 131.19 and reached 121.49 on April 5, 2024. MHK lost 9.70 points, or 7.39%, in 8 days. The price is now at the 8.97% retracement level.
 Daily Technical Indicators: [See MHK daily technical indicators chart]
Daily technical indicators are neutral. During the last week, daily Lane's Stochastic main line (%K) has declined below the overbought signal line (%D). Such crossover is considered a bearish signal.
During the last week, daily MACD line has moved below its signal line. Such crossover is considered a bearish signal.
During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.
During the last week, the price has declined below the moving average in the center of the Bollinger Bands. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.
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