Carmax is making a move as it bounces off support and breaks wedge resistance. Support in the 46-47 area extends back to the July low. The breakout is valid as long as it holds and I would watch 47.6 for the first signs of failure. The indicator window shows RSI breaking the early September trend line and moving above 50.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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