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Bullish Moving Average Cross by Mohawk Industries (MHK)

Published on Wed, 03/20/2013 - 11:23
By Mallory Stone

Today, shares of Mohawk Industries (NYSE:MHK) have advanced above their 10-day MA of $112.96 on a volume of 270K shares. This may provide short-term investors a chance for a long position, as such a crossover often suggests higher prices in the near term.

Mohawk Industries share prices have moved between a 52-week high of $115.00 and a 52-week low of $60.21 and are now trading 89% above that low price at $113.73 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.2% while the 200-day MA has risen 0.8%.

Mohawk Industries, Inc. designs, manufactures, and markets woven and tufted broadloom carpets and rugs for residential and commercial applications. The Company markets its products under brand names such as Mohawk, Aladdin, Alexander Smith, Bigelow, and Galaxy. Mohawk also offers bath rugs, area rugs, decorative throws, and a laminate product line, among other products.

There is potential upside of 7.1% for shares of Mohawk Industries based on a current price of $113.73 and an average consensus analyst price target of $121.86. Mohawk Industries shares have support at the 50-day moving average (MA) of $103.90 and additional support at the 200-day MA of $83.55.

By Mallory Stone