Daily Stock Report

Mohawk Industries Inc. - (MHK) - December 31, 2020 

Flooring producer Mohawk Industries (MHK) is holding steady in the Green Favored Zone of the SIA S&P 500 Index Report. Yesterday it moved up 7 spots to 56th place. 

Back in November, Mohawk Industries (MHK) staged a major breakout, snapping out of a long-term downtrend and completing a bullish Ascending Triangle base with a breakout over $120.00. Since then, the shares have remained under accumulation, advancing in the $150.00 level. 

Initial upside resistance appears near $160.00 where a previous high converges with a measured move, then the $195.00-$205.00 area where a measured move, the $200.00 round number, and previous support/resistance cluster within an old gap. Initial support moves up toward $135.00 a recent breakout point, from the $125.00 round number. 

A long-term downtrend in Mohawk Industries (MHK) bottomed out in March. An initial recovery rally faltered in July and the shares staged a summer stumble. Since October, accumulation has resumed in earnest with the shares clearing their July high, snapping a downtrend line and adding to a series of bullish patterns that includes multiple Double Tops, a large Spread Double Top, and a Spread Quadruple Top. 

Next potential upside resistance on trend appears at a previous column high near $159.25, then near $180.00 where a horizontal count and a column low converge, then the $198.00 to $206.00 area where previous column highs cluster around the $200.00 round number. Initial support appears near $130.65 based on a three-box reversal. 

With a perfect SMAX score of 10, MHK is exhibiting near-term strength across the asset classes. 

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.