Mohawk Industries Inc Stock Forecast
Stronger technical forecast for Mohawk Industries Inc stock price after Friday trading.
(Updated on Apr 26, 2024)
The Mohawk Industries Inc stock price gained 4.70% on the last trading day (Friday, 26th Apr 2024), rising from $110.27 to $115.45. During the last trading day the stock fluctuated 7.14% from a day low at $112.46 to a day high of $120.49. The price has fallen in 6 of the last 10 days but is still up by 2.01% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 273 thousand more shares were traded than the day before. In total, 1 million shares were bought and sold for approximately $125.16 million.
The stock lies in the middle of a wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 6.00% during the next 3 months and, with a 90% probability hold a price between $115.34 and $141.32 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 6.82%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. 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 a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $119.26. On a fall, the stock will find some support from the short-term average at $111.07. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. 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 $115.28 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $8.03 between high and low, or 7.14%. For the last week, the stock has had daily average volatility of 3.84%.
Our recommended stop-loss: $110.45 (-4.33%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 6 days ago.)
Trading Expectations (MHK) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Mohawk Industries Inc to open at $116.13, and during the day (based on 14 day Average True Range), to move between $111.71 and $119.19, which gives a possible trading interval of +/-$3.74 (+/-3.24%) up or down from last closing price. If Mohawk Industries Inc takes out the full calculated possible swing range there will be an estimated 6.48% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $115.28 (0.15%) than the resistance at $117.24 (1.55%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Mohawk Industries Inc stock A Buy?
Mohawk Industries Inc holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: 0.331 Hold/Accumulate Upgraded
Predicted Opening Price for Mohawk Industries Inc of Monday, April 29, 2024
Fair opening price April 29, 2024 | Current price |
---|---|
$116.13 ( 0.592%) | $115.45 |
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 | 124.16 | 7.55 % | |
R2 | 121.10 | 4.89 % | ||
R1 | 119.20 | 3.25 % | ||
Current price: | 115.45 | |||
Support | S1 | 113.07 | -2.07 % | |
S2 | 111.17 | -3.71 % | ||
S3 | 108.10 | -6.36 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 121.56 | 5.29 % | |
R2 | 121.41 | 5.16 % | ||
R1 | 117.24 | 1.55 % | ||
Current price | 115.45 | |||
Support | S1 | 115.28 | -0.147% | |
S2 | 110.02 | -4.70% | ||
S3 | 110.01 | -4.71% |
FAQ
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