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CarMax Ready to Breakout?

Published 04/28/2021, 09:36 AM
Updated 04/28/2021, 10:31 AM
© Reuters.  CarMax Ready to Breakout?

A key level of resistance has formed in the chart of CarMax (NYSE:KMX). If the stock breaks through this level, a breakout is expected. Read more to learn how to take advantage of this trade setup.A key level of resistance has emerged in CarMax’s (KMX) chart. If this level is surpassed, a breakout is expected.

KMX is one of the largest retailers of used vehicles in the United States. The company also offers customers a full range of related services such financing and the sale of extended warranties, accessories, and vehicle repair services.

The company is benefiting from an increased demand for used cars as new car manufacturing at many companies is behind schedule due to pandemic shutdowns and a worldwide chip shortage. Its omni-channel offerings have improved the customer shopping experience and should bolster revenues in the long-term.

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