CarMax Inc Stock Forecast
CarMax Inc stock downgraded from Hold/Accumulate to Sell Candidate after Thursday trading session.
(Updated on Apr 25, 2024)
The CarMax Inc stock price fell by -1.49% on the last day (Thursday, 25th Apr 2024) from $70.27 to $69.22. During the last trading day the stock fluctuated 2.82% from a day low at $67.65 to a day high of $69.56. The price has fallen in 6 of the last 10 days and is down by -3.83% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -57 thousand shares and in total, 3 million shares were bought and sold for approximately $193.34 million.
The stock lies in the lower part of a very wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $68.03 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 3.64% during the next 3 months and, with a 90% probability hold a price between $70.50 and $91.26 at the end of this 3-month period.
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KMX Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, April 22, 2024, and so far it has risen 1.97%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The CarMax Inc stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $78.78. On a fall, the stock will find some support from the short-term average at $68.83. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for CarMax Inc stock
CarMax Inc finds support from accumulated volume at $68.53 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $1.91 between high and low, or 2.82%. For the last week, the stock has had daily average volatility of 2.32%.
CarMax Inc is oversold on RSI14 (23). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (KMX) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect CarMax Inc to open at $68.81, and during the day (based on 14 day Average True Range), to move between $66.87 and $71.57, which gives a possible trading interval of +/-$2.35 (+/-3.40%) up or down from last closing price. If CarMax Inc takes out the full calculated possible swing range there will be an estimated 6.79% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $68.53 (1.00%) than the resistance at $71.41 (3.16%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is CarMax Inc stock A Buy?
CarMax Inc holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -3.584 Sell Candidate Downgraded
Predicted Opening Price for CarMax Inc of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| $68.81 ( 0.592%) | $69.22 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for KMX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 70.72 | 2.17 % | |
| R2 | 69.99 | 1.11 % | ||
| R1 | 69.54 | 0.462 % | ||
| Current price: | 69.22 | |||
| Support | S1 | 68.08 | -1.65 % | |
| S2 | 67.63 | -2.30 % | ||
| S3 | 66.90 | -3.35 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 79.30 | 14.56 % | |
| R2 | 71.98 | 3.99 % | ||
| R1 | 71.41 | 3.16 % | ||
| Current price | 69.22 | |||
| Support | S1 | 68.53 | -1.00% | |
| S2 | 68.34 | -1.27% | ||
| S3 | 67.91 | -1.89% |
FAQ
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