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Possible Bearish Inside Day Candle Pattern Detected for Carmax Inc (NYSE:KMX)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Carmax Inc (NYSE:KMX) based on the price action in the company's shares. Yesterday's price range of $95.35 and $95.58 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Carmax Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Carmax Inc (NYSE:KMX) is currently priced 23.9% above its average consensus analyst price target of $72.62. The stock should discover initial support at its 50-day moving average (MA) of $94.49 and subsequent support at its 200-day MA of $86.67.

CarMax, Inc. sells at retail used cars and light trucks. The Company purchases, reconditions, and sells used vehicles in its superstores and franchises throughout the United States.

Over the past year, Carmax Inc has traded in a range of $57.95 to $100.49 and closed yesterday at $95.40, 65% above that low. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has risen 0.3%.

SmarTrend is monitoring the recent change of momentum in Carmax Inc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Carmax Inc in search of a potential trend change.

Keywords: bearish am inside day candle carmax inc

Ticker(s): KMX