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After Yesterday's Rally of 1.09% Shares Could Potentially Pullback

By Shiri Gupta

Mohawk Industries (NYSE:MHK) traded in a range yesterday that spanned from a low of $203.37 to a high of $207.04. Yesterday, the shares gained 1.1%, which took the trading range above the 3-day high of $206.90 on volume of 128,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

Over the past year, Mohawk Industries has traded in a range of $148.56 to $216.58 and is now at $206.25, 39% above that low. The 200-day and 50-day moving averages have moved 0.01% lower and 1.13% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Mohawk Industries on July 12th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $196.77. Since that recommendation, shares of Mohawk Industries have risen 3.6%. We continue to monitor MHK for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: rebounders mohawk industries

Ticker(s): MHK