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

By David Diaz

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. Today's price range of $71.00 and $71.42 is within yesterday'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.

In the past 52 weeks, shares of Carmax Inc have traded between a low of $57.05 and a high of $77.64 and are now at $71.39, which is 25% above that low price. The 200-day and 50-day moving averages have moved 0.12% higher and 0.85% higher over the past week, respectively.

Carmax Inc has overhead space with shares priced $71.39, or 1.7% below the average consensus analyst price target of $72.62. The stock should discover initial support at its 200-day moving average (MA) of $67.37 and subsequent support at its 50-day MA of $63.52.

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.

SmarTrend recommended that subscribers consider buying shares of Carmax Inc on May 4th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $64.10. Since that recommendation, shares of Carmax Inc have risen 11.5%. We continue to monitor KMX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle carmax inc

Ticker(s): KMX