The Greedy Trader Weekly Analysis
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Uptrend Broken Support

Uptrend Broken Support stock alert presents a technical analysis stock market picking technique based on combination of technical indicators, stock trend analysis, trend following indicators and pattern recognition. Stock market alert is a warning signal. Uptrend Broken Support alert is a confirmation that long term uptrend reversal is completed and a new downtrend is establiched.

Unlike other alerts, broken resistance is not a buy/sell signal. It is rather warning signal that trend direction has changed. For entry point it is usually better to wait for pull back and retest of support trendline. This point is considered as a second chance to sell long position (or open short positions) in uptrend reversal.

Uptrend Broken Support

Archive
- 3/15/2024 -
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Mohawk Industries (MHK) Technical Analysis

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Summary:
Weekly :Williams' Percentage Range and Lane's Stochastic are overboughtStochastic has declined below the signal lineBroken trend resistance line
Daily :Broken trend support lineDaily  MACD line has moved below its signal lineThe price has fallen below the Parabolic SAR
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It was the negative week for the Mohawk Industries (MHK). During the week, the MHK dropped -3.83 points, or -3.15%, and closed at 117.83 on Friday, March 15, 2024. It was the worst weekly loss since November 10, 2023. Weekly volume was -18% below average.

Long-term trend: [See MHK long-term trend chart]
A long-term downtrend had started on May 10, 2021 at 231.80 and reached 76.02 on October 27, 2023. MHK lost 155.78 points, or 67.20%, in 128 weeks. The chart has formed a Falling Wedge chart pattern. The downtrend resistance line (71.77) is broken. A broken support is considered to be a long-term bullish signal. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a long-term trend.

Medium-term trend: [See MHK medium-term trend chart]
A medium-term uptrend had started on October 27, 2023 at 76.02 and reached 123.27 on March 4, 2024. MHK gained -47.25 points, or -62.15%, in 18 weeks. The chart has formed a Rising Wedge chart pattern. The trend support level is at 108.80 and resistance is at 124.42. A Rising Wage is a triangle formation with a noticeable slant to the upside. It represents the loss of an upside momentum on each successive high and has a bearish bias. The Rising wedge usually marks a reversal in an uptrend. In a downtrend a rising wedge is considered to be a continuation pattern. Use the following link to access a Rising Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Wedge pattern in a medium-term trend.

Weekly Technical Indicators: [See MHK weekly technical indicators chart]
Weekly Williams' Percentage Range and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Williams' Percentage Range and Lane's Stochastic. During the last week, weekly Lane's Stochastic main line (%K) has declined below the overbought signal line (%D). Such crossover is considered a bearish signal. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic and Williams' Percentage Range help.

The weekly MACD line is above its signal line since December 1, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is near its high, but getting smaller. It indicates that the current medium-term uptrend is still strong, and momentum is beginning to wane. Use the following link to access a MACD help.

Short-term trend: [See MHK short-term trend chart]
A short-term uptrend had started on January 24, 2024 at 96.28 and reached 123.27 on March 4, 2024. MHK gained -26.99 points, or -28.03%, in 40 days. The chart has formed a Rising Wedge chart pattern. The uptrend support line (127.77) is broken. A broken support is considered to be a long-term bearish signal. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend support in a short-term trend.

Daily Technical Indicators: [See MHK daily technical indicators chart]
Daily technical indicators are neutral.

During the last week, daily MACD line has moved below its signal line. Such crossover is considered a bearish signal.

During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 58.90
Williams' Percentage Range (W%R) 68.50
Lane's Stochastic (%D-Slow) 41.74
Greed/Fear Indicator (GFI) 44.06
Moving Average Converg./Diverg. (MACD) 3.22
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 77.34
Williams' Percentage Range (W%R) 15.00
Overbought
Lane's Stochastic (%D-Slow) 88.22
Overbought
Greed/Fear Indicator (GFI) 77.10
Moving Average Converg./Diverg. (MACD) 3.29
Trading Signals
Description Value Chart
Weekly Trendline Support 127.77
Weekly Trendline Resistance 127.29
Monthly Trendline Resistance 124.42
Upper Bollinger Band 123.02
Parabolic System 122.62
Weekly Stochastic Crossing 119.71
Daily Stochastic Crossing 118.57
Price 117.83
20 Day Moving Average 117.82
Lower Bollinger Band 111.45
50 Day Moving Average 110.42
Monthly Trendline Support 108.80
Sector and Industry
Description Name Rank
Sector Consumer Discretionary 7
Industry Home Furnishings 20
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 123.27
High Date 03/04/2024
Low 116.10
Low Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Broken Support
Resistance 127.29
Support 127.77
Low 96.28
Low Date 01/24/2024
High 123.27
High Date 03/04/2024
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Valid
Resistance 124.42
Support 108.80
Low 76.02
Low Date 10/27/2023
High 123.27
High Date 03/04/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern Falling Wedge
Status Broken Resistance
Resistance 65.81
Support 71.77
High 231.80
High Date 05/10/2021
Low 76.02
Low Date 10/27/2023
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 286.85
High Date 12/04/2017
Low 56.62
Low Date 03/23/2020
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.