Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Mohawk Industries Update

Published 10/23/2020, 04:52 PM
Updated 07/09/2023, 06:31 AM

Mohawk Industries Daily Chart.

Mohawk Industries (NYSE:MHK) has been tracing out a narrow bull flag pattern this month. This healthy consolidation has a very solid base underneath. After battling a heavy 200-day moving average the entire year, MHK has spent all of October above it. Next week, the 50-day moving average will cross above the 200-day moving average, usually a very bullish development. The stock is also well below overbought levels despite sitting near four-month highs. We believe MHK is set up well for more upside. On the downside, a close back below $97.00 would violate this week’s low, sending a clear warning sign that more sideways action is ahead.

Earnings are due Oct. 29 after the bell.

Note: We have no position.

You can read Gary S. Morrow's original post here.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.