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Carmax Inc (NYSE:KMX) Steered Off Course After Earnings

|About: CarMax Group (KMX)

Today, leading used auto retailer Carmax Inc (NYSE:KMX) is sinking lower after reporting earnings. Currently, KMX stock is trading down by 4.29 percent to $65.55 a share. The stock is now trading slightly under its important 200-day moving average which is a bearish indication for the shares. Traders must now look at the $61.50 as the next major chart support level for the stock. This support area is where the stock was defended in June 2017. Very often, the institutional traders will support an equity when it retests and retraces into important prior levels. Keep this support area on the radar as that will be where I look to get into KMX stock on the long (BUY) side. 

Nicholas Santiago