carmax getting ready for a breakout (4)i think carmax will breakout within 6 months, so get into a good position and enjoy
KMX trade ideas
Dow drops once again #21 (KMX)Technical Concept: Support broken becomes Resistance (Red Arrows= Resistance) (Blue Arrows= Support)
I not use sophisticated technical jargon in an attempt to persuade and impress the reader because I not a charlatan or mountebank person.
I do not use fancy charts plenty of Indicators, Oscillators, Ichimoku Clouds, W.D. Gann Astrology, Bollinger Bands and Fibonacci Retracements.
All in a chart, in an attempt to impress the reader with my knowledge, because I not a Tutor or Mentor.
Who I am? What I do? And what I can do for you?
I am end of day Analyst and stock picker, I support myself in Charts, but I not self-proclaimed Technical Analyst Expert
I use a simple method based in support and resistance, accompanied with moving averages, and I do a Top down Analysis with multiple time frames
My first view of a stock is a 10 year Weekly Chart
Then I do a zoom in and I focus in the action of the last 2 or 4 Years, I look my Daily Chart and 4-Hrs Chart too
I pick stocks manually I watch one by one without the use of a stock screener
I follow approximately 1300 to 1400 Stocks , distributed in 10 industries, with different Market Cap
I do not follow Penny Stocks and Over-The-Counter stocks; I not follow Stocks with an Avg_Volume bellow 100,000 with (Low Liquidity)
I dedicated 10 lonely years of deliberate practice; I open and reset a lot of demo accounts for this purpose.
I tried and practice with different Markets (Forex, Options and Stocks) with different Time Frames (Intraday, Scalping, Swing/Position)
I tried Mechanical Trading too, but definitely I am Discretionary Analyst or Qualitative, It took me years to know it, and a lot of books,
!Even about Accounting¡ I've learned by myself, but I do not think I'm smarter than others, "Ego is a Sin"
I understand the art of Short Selling and enjoy the search of this kind of patterns.
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I can put ideas in the desk of Professional Traders, the ideas are based in Price Patterns+Price Action, they can trade with your own system or set up
My ideas are not influenced by my emotions, the media, or my neighbors.
I have no preference for a particular industry I follow 10 Industries even Public Utilities. I only focus in Price Patterns+Price Action
This was my Resume and Cover letter
Sincerely
Alex_Quiroga
nested head and shoulders on KMXHere is what I think is happening.
KMX is in a nested H&S pattern, currently undergoing the engulfing H&S
1. Its currently in short term over bought, though I believe there is a little bit more for the price to move up. I could be wrong and the 63.00 price is the resistance that it has hit and continue the down trend .
2. the stock seems to stick to previous trend lines reasonably well and from the looks of it the price may reach the first trend line resistance at 64.00. If the volume action over the preceding few days starts to drop till it reaches 64 with very high Over bought Indication, the stock could start to tank, as 64 is lower than the last 2 lows of the engulfed H&S pattern.
3. If the price starts going south, it is likely that the stock would reach the 2016 support trend line or a very strong support trend line since 2007.
4. now if the volume action remains strong and blows past 64 and reaches 65.8 as top of the shoulder, it is highly likely that the engulfing H&S pattern is going to be invalid, the stock could take immediate support and may remain bullish. but if the volume action was poor in getting to 65.8, it would be worth a wait to see what the stock would do if it does start a bearish trend .
- cheers
Scorp
KMX - Stochastic Divergence Channel Line BounceBuy: 68.22
Target: 69.88 - 72.55 (2.43% - 6.35%)
jbzstocks.com
@jbzstocks
TurnaroundThe bullish trend is not over yet and several indicators show signs of a turnaround. The Cloud is supporting a possible bottom.
$kmx bottom of channel turning upwardhigher time frame in uptrend parallel channel with strong momentum bars of support line
mid time frame is breaking out of downward trend line and out of consolidation range-structurally sound
upper bound of value and resistance area is 62.5x
positive momentum rsi and rising positive volume pressure
lower time frame shows price breaking out of triangle with good volume
$KMX getting ready to rally higher. Higher-Lows & Higher-Highs$KMX BotTrigger Trade Update: $KMX saw follow thru today on yet another strong bull bar closing well above yesterdays close. More importantly was that KMX closed above the bullish engulfing bar that it sported back on April 6. That April 6 bar was long with a low of $54.29, high of $58.20, & close of $58 that April 6 day. Since then, over the following 7 days KMX preceded to retrace the move to a retest of the lows in what was a very orderly pullback. This is different than a steep plunge pullback. Just better in terms of the quality of the pullback. KMX bounced of those lows and has now eclipsed the high of April 6's bull bar. This is all very bullish action. In the analysis of "pattern-cultivation" this is the kind of action that tends to ignite a counter trend rally where a whole new wave of interest/buyers comes into the stock. The next important level for KMX to trade above is the $60 area. Consider a close above this level to follow a much stronger rally then you've seen so far. Take notice of what happens when KMX (many stocks in general) start trading above the 21 day exponential moving average. KMX is now above this as well here as we can see on the chart.
$KMX LONG - Buy on strong supportBuying at support level around $55.00. Looking for upside to $60+ in near term.
See The Downside Strong Buy Target On $KMX HereShares of CarMax, Inc (NYSE:KMX) continue to fall as auto sales slide and auto loans hit default rates not seen since the financial collapse in 2008 and 2009. However, for interesting investors, there is a major level of support looming. This entry price will be a strong buy for a swing trade bounce. The price point for investors to buy is $53.00 and is found by connecting the lows of the last year. Nimble investors can buy here and get a quick 10% bounce in a matter of days to a week or two. After the bounce, exit and enjoy your profits.
Investors ready to buy CarMax, Inc at major chart support
TRADE IDEA: KMX APRIL 21ST 50/52.5/60/62.5 IRON CONDORKMX announces earnings on 4/6 before market open, so look to put on a play before tomorrow's New York close to get in on a volatility contraction play (six month implied volatility percentile is around 100, with background implied at 47).
Here's the metrics for this puppy:
Probability of Profit: 50%
Max Profit: $113/contract
Max Loss/BP effect: $137/contract
Break Evens: 51.37/61.13
Theta: 2.90
Delta: .45 (neutral)
Notes: Here, I've gone in a little bit tighter (around 30 delta for the shorts) to bring in a little more credit and am keeping the wings somewhat tight because, well, it's a piece of crap with monthlies only, so I don't want to hang a lot of BP out there if it causes me trouble because I'll have to roll from month to month.
KMX Heading Towards the Bottom of ChannelHeaded down from here. Could be due for a gaint move after hitting the bottom of the channel. If it remains bound in the channel, it should hit bottom (about $52) between April 6 and May 5, then turn upward towards $70+ in June or July.
