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Possible Bearish Inside Day Candle Pattern Detected for Waste Management (NYSE:WM)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Waste Management (NYSE:WM) based on the price action in the company's shares. Today's price range of $104.61 and $104.61 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Waste Management may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Based on a current price of $104.61, Waste Management is currently 11.5% above its average consensus analyst price target of $92.56. The stock should discover initial support at its 50-day moving average (MA) of $100.61 and subsequent support at its 200-day MA of $92.44.

Waste Management, Inc. provides waste management services including collection, transfer, recycling, resource recovery, and disposal services, and operates waste-to-energy facilities. The Company serves municipal, commercial, industrial, and residential customers throughout North America.

Waste Management share prices have moved between a 52-week high of $105.68 and a 52-week low of $79.96 and are now trading 31% above that low price at $104.61 per share. The 200-day and 50-day moving averages have moved 0.34% higher and 0.41% higher over the past week, respectively.

SmarTrend is monitoring the recent change of momentum in Waste Management. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Waste Management in search of a potential trend change.

Keywords: bearish inside day candle Waste Management

Ticker(s): WM