KMX closes higher for the 2nd day in a row
CarMax Inc (KMX) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, KMX ended the month 1.7% higher at 89.55 after edging higher $0.57 (0.64%) today, underperforming the S&P 500 (1.54%). Closing above Monday's high at 89.07, the market confirmed its breakout through the prior session high after trading up to $1.40 above it intraday.
Daily Candlestick Chart (KMX as at Jun 30, 2020):
Tuesday's trading range has been $2.39 (2.7%), that's below the last trading month's daily average range of $3.69. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for KMX.
The stock shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for CarMax. Out of 451 times, KMX closed higher 53.22% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 59.42% with an average market move of 1.25%.