KMX closes above its opening price after recovering from early selling pressure

Carmax Inc (KMX) Technical Analysis Report for Sep 14, 2018

Highlights

KMX closes above its opening price after recovering from early selling pressure
KMX ends the day on a bullish note closing near the high of the day
KMX still stuck within tight trading range
KMX closes within previous day's range

TQ Sentiment

Report Sentiment: 33% Bullish
Technical Forecast:

Overview

KMX finished the week 2.1% higher at 80.52 after gaining $0.34 (0.42%) today. Trading up to $0.79 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for KMX

Volatility

Friday's trading range was $1.28 (1.6%), that's above last trading month's daily average range of $1.07. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being above average. Prices continued to consolidate within a tight trading range between 79.40 and 80.91 which it has been in now for the last trading week.

Support/Resistance

Prices are trading close to the key resistance level at 80.91.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Buying might speed up should prices move above the nearby swing high at 80.91 where further buy stops could get activated. With prices trading close to this year's high at 81.67, upside momentum might accelerate should the market be able to break out to new highs for the year.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Market Conditions for Carmax Inc

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