Used auto retailer CarMax (NYSE:KMX) took a hit Thursday when it reported lower earnings. Half way though Thrusday's U.S. market, the stock was down by 4.29% to $65.55 a share. KMX is now slightly below its important 200-day moving average, which is a bearish indication for the shares.
My Point Of Entry
Traders should now look at $61.50 as the next major chart support for the stock. That area of support 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 your radar as it's where I'm looking to buy CarMax on the long (buy) side.