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

By Amy Schwartz

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 $67.28 and $69.48 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.

Over the past year, Mohawk Inds has traded in a range of $56.62 to $156.60 and closed yesterday at $64.86, 15% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 1.2% while the 50-day MA has declined 4.6%.

Mohawk Inds (NYSE:MHK) has potential upside of 326.6% based on a current price of $64.86 and analysts' consensus price target of $276.70. Mohawk Inds shares should first meet resistance at the 50-day moving average (MA) of $112.37 and find additional resistance at the 200-day MA of $127.89.

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.

SmarTrend is monitoring the recent change of momentum in Mohawk Inds. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Mohawk Inds in search of a potential trend change.

Keywords: bullish am inside day candle mohawk inds

Ticker(s): MHK