Mohawk Industries Inc Stock Forecast
Mohawk Industries Inc stock price ended at $108.88 on Friday, after gaining 0.740%.
(Updated on Apr 19, 2024)
The Mohawk Industries Inc stock price gained 0.740% on the last trading day (Friday, 19th Apr 2024), rising from $108.08 to $108.88. During the last trading day the stock fluctuated 1.30% from a day low at $108.21 to a day high of $109.62. The price has fallen in 7 of the last 10 days and is down by -11.02% for this period. Volume fell on the last day by -306 thousand shares and in total, 270 thousand shares were bought and sold for approximately $29.40 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the lower part of a wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $108.36 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 14.68% during the next 3 months and, with a 90% probability hold a price between $124.26 and $154.90 at the end of this 3-month period.
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MHK Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 0.740%. Further rise is indicated until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Mohawk Industries Inc stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $111.04 and $120.46. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Mohawk Industries Inc stock
Mohawk Industries Inc finds support from accumulated volume at $104.25 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $1.41 between high and low, or 1.30%. For the last week, the stock has had daily average volatility of 2.44%.
Mohawk Industries Inc is oversold on RSI14 (17). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (MHK) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect Mohawk Industries Inc to open at $108.90, and during the day (based on 14 day Average True Range), to move between $105.75 and $112.01, which gives a possible trading interval of +/-$3.13 (+/-2.87%) up or down from last closing price. If Mohawk Industries Inc takes out the full calculated possible swing range there will be an estimated 5.75% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $110.01 (1.04%) than the support at $104.25 (4.25%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Earnings coming up
Mohawk Industries Inc will release earnings AMC on Thursday, April 25, 2024.The consensus among the analysts for the expected earnings (EPS) is $1.69. We will update the financials statements for Mohawk Industries Inc, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 3.15% in the first trading day after earnings release.
Is Mohawk Industries Inc stock A Buy?
The Mohawk Industries Inc stock holds several negative signals and despite the positive trend, we believe Mohawk Industries Inc will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -1.883 Sell Candidate Unchanged
Predicted Opening Price for Mohawk Industries Inc of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| $108.90 ( 0.0214%) | $108.88 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MHK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 110.31 | 1.32 % | |
| R2 | 109.77 | 0.82 % | ||
| R1 | 109.44 | 0.516 % | ||
| Current price: | 108.88 | |||
| Support | S1 | 108.36 | -0.473 % | |
| S2 | 108.03 | -0.779 % | ||
| S3 | 107.49 | -1.27 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 117.24 | 7.68 % | |
| R2 | 115.28 | 5.88 % | ||
| R1 | 110.01 | 1.04 % | ||
| Current price | 108.88 | |||
| Support | S1 | 104.25 | -4.25% | |
| S2 | 103.44 | -5.00% | ||
| S3 | 97.96 | -10.03% |
FAQ
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