Mohawk Industries @ Year Highs

Published on Friday, 14 September 2012 12:34 Written by TradersHuddle Wire

New York, September 14th (TradersHuddle.com) - Shares of Mohawk Industries, Inc. (NYSE:MHK) booked a new 52 week high today by trading above $77.76, traders are definitely monitoring Mohawk's price action to see if this move attracts further buying into the stock.

Mohawk Industries, Inc. (NYSE:MHK) is a leading producer and distributor of flooring. It designs, manufactures, and markets woven and tufted broadloom carpets and rugs for residential and commercial applications, ceramic tile, laminate, and hardwood flooring. The Company markets its products under brand names such as Mohawk, Karastan, DalTile, Quick Step, and Columbia Flooring.

Mohawk Industries is currently trading 1.8% versus its previous trading session close, and it has calculated support and resistance at $70.84 and $74.70 respectively. Clearly, with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range.

The overall market index S&P 500 is trading higher by 0.68% from its previous trading close, which means that Mohawk Industries stock is outperforming the overall market.