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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Carmax Inc (NYSE:KMX) based on the price action in the company's shares. Yesterday's price range of $78.16 and $79.13 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. Traders and investors interested in shares of Carmax Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Carmax Inc (NYSE:KMX) is currently priced 7.6% above its average consensus analyst price target of $72.62. The stock should discover initial support at its 50-day moving average (MA) of $76.41 and subsequent support at its 200-day MA of $69.04.

In the past 52 weeks, Carmax Inc share prices have been bracketed by a low of $57.05 and a high of $81.67 and closed yesterday at $78.57, 38% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.2% while the 200-day MA has risen 0.2%.

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 21.8%. We continue to monitor KMX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle carmax inc

Ticker(s): KMX