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Downtrend Broken Resist.Archive
- 4/19/2024 -
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Mohawk Industries (MHK) Technical Analysis
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| Summary:
| | Weekly :  | | Daily :
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| | It was the negative week for the Mohawk Industries (MHK). During the week, the MHK dropped -4.29 points, or -3.79%, and closed at 108.88 on Friday, April 19, 2024. Weekly volume was -14% below average.
 Long-term trend: [See MHK long-term trend chart]
A long-term downtrend had started on December 4, 2017 at 286.85 and reached 56.62 on March 23, 2020. MHK lost 230.23 points, or 80.26%, in 120 weeks. The chart has formed a Symmetric Triangle chart pattern. The trend support level is at 78.57 and resistance is at 184.48. A Symmetric Triangle pattern represents the area of indecision, where the movement direction is questioned. Chart pattern analysis usually considers a symmetric triangle chart pattern as a continuation formation which resolves in the direction of larger trend, but it also may mark the trend reversal. Use the following link to access a Symmetric Triangle chart pattern help, or use a Technical Stock Screener to see the list of stocks with Symmetric Triangle pattern 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 Channel chart pattern. The uptrend support line (115.15) is broken. Usually a broken support is considered to be a long-term bearish signal, but since daily indicators are oversold a short-term pull back is possible. MHK may retest the broken support line. It is considered to be a resistance line now. 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 support in a medium-term trend.
 Weekly Technical Indicators: [See MHK weekly technical indicators chart]
Weekly technical indicators are neutral. During the last week, weekly Lane's Stochastic signal line (%D) has moved below overbought area. 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 link to access Lane's Stochastic 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 low and getting smaller. It indicates that the current medium-term uptrend is getting weak. 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 April 9, 2024 at 125.51 and reached 107.42 on April 18, 2024. MHK lost 18.09 points, or 14.41%, in 9 days. The price is now at the 8.07% retracement level.
 Daily Technical Indicators: [See MHK daily technical indicators chart]
Daily Relative Strength Index is oversold while Williams' Percentage Range and Lane's Stochastic are strongly oversold. Use the Technical Stock Screener to see the list of stocks with oversold daily Relative Strength Index or strongly oversold daily Williams' Percentage Range and Lane's Stochastic. During the last week, daily Lane's Stochastic main line (%K) has rallied above the oversold signal line (%D). Such crossover is considered a bullish signal. Use the following links to access Relative Strength Index and Williams' Percentage Range help.
The daily MACD line is below its signal line since April 2, 2024. This is an indication that the short-term trend is down. The distance between MACD and the signal line is relatively high and getting bigger. It indicates that the current short-term downtrend is strong.
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