Nov. 14 at 4:20 AM
$MHK is currently trading at
$107.94, significantly below its 30-day moving average (MA30) of
$118.94 and 50-day moving average (MA50) of
$124.32, indicating a bearish trend. The RSI at 18.66 suggests that the stock is oversold, which may signal a potential reversal, but caution is warranted given the overall downward momentum. The recent 60-day high of
$143.13 and low of
$106.52 highlight a tight range, with the current price near the lower boundary.
Suggested entry point is at
$108.50, slightly above the last close to confirm upward movement. Place a stop-loss at
$106.00 to manage risk. Target 1 can be set at
$115.00, aligning with the MA30, and Target 2 at
$120.00, near the MA50.
Monitor the RSI for signs of recovery and be prepared to adjust the strategy if momentum shifts.
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