KMX finds buyers again around 61.28


Carmax Inc (KMX) Technical Analysis Report for Apr 16, 2018 [1 min read]
Highlights
KMX closes below its opening price unable to hold early session gains
KMX unable to break through key resistance level
KMX fails to close above 50-day moving average
KMX closes higher for the 3rd day in a row
KMX finds buyers again around 61.28
TQ Sentiment
Report Sentiment: 30% Bearish
Technical Forecast:
Overview

Moving higher for the 3rd day in a row, KMX ended Monday at 62.00 edging higher $0.28 (0.45%) on low volume. Today's closing price of 62.00 marks the highest close since April 5th. Trading $0.75 higher after the open, Carmax Inc was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for KMX
Volatility

Monday's trading range was $1.51 (2.43%), that's slightly below last trading month's daily average range of $1.85. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.

Price Action

During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.

Support/Resistance

Unable to break through the key technical resistance level at 62.44, the market closed below it after spiking as high as 62.79 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward. After having been unable to move lower than 61.08 in the prior session, the share found buyers again around the same price level today at 61.28. After spiking up to 62.79 during the day, the stock found resistance at the 50-day moving average at 62.13.

Trend

Although KMX is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.

Order Flow

Buying could accelerate should prices move above the close-by swing high at 63.03 where further buy stops might get triggered. Further buying could move prices higher should the market test March's nearby high at 63.55.

Conclusion

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

Market Conditions for Carmax Inc
ConditionForecastDirectionWinAvgWorstBestEvents
Close near low of period TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
Black Candle TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Down Close Near Low of Period TQ Pro Members Only
More market conditions identified for TQ Pro members...
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