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Possible Bullish Inside Day Candle Pattern Detected for Mohawk Inds (NYSE:MHK)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Mohawk Inds (NYSE:MHK) based on the price action in the company's shares. Yesterday's price range of $128.01 and $129.12 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Mohawk Inds may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Mohawk Inds share prices have moved between a 52-week high of $156.60 and a 52-week low of $108.93 and closed yesterday at 17% above that low price at $127.61 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.2%.

Mohawk Industries, Inc. designs, manufactures, sources, distributes, and markets flooring for residential and commercial applications. The Company offers carpet, ceramic tile, laminate, wood, stone, vinyl, and rugs. Mohawk markets residential and commercial flooring in the United States, and residential flooring in Europe.

There is potential upside of 116.8% for shares of Mohawk Inds based on a current price of $127.61 and an average consensus analyst price target of $276.70. The stock should run into initial resistance at its 200-day moving average (MA) of $134.02 and subsequent resistance at its 50-day MA of $139.57.

SmarTrend recommended that its subscribers protect gains by selling shares of Mohawk Inds on December 2nd, 2019 by issuing a Downtrend alert when the shares were trading at $138.59. Since that call, shares of Mohawk Inds have fallen 7.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle mohawk inds

Ticker(s): MHK