Bullish Moving Average Cross by Mohawk Industries (MHK)

Published on Fri, 03/27/2015 - 11:19
By Mallory Stone in Moving average crossovers, MHK, mohawk industries, moving crosses, nyse:mhk

Today, shares of Mohawk Industries (NYSE:MHK) have advanced above their 10-day MA of $180.43 on a volume of 130K shares. Swing traders may find an opportunity for a long position, as such a crossover often suggests higher prices in the near term.

In the past 52 weeks, shares of Mohawk Industries have traded between a low of $120.37 and a high of $188.26 and are now at $180.93, which is 50% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has advanced 1.1%.

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 8.9% for shares of Mohawk Industries based on a current price of $180.93 and an average consensus analyst price target of $197.10. The stock should find initial support at its 50-day moving average (MA) of $175.11 and further support at its 200-day MA of $149.40.

By Mallory Stone
mstone@fnno.com

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