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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 $83.47 and $83.78 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.

Waste Management (NYSE:WM) has potential upside of 10.8% based on a current price of $83.55 and analysts' consensus price target of $92.56. The stock should discover initial support at its 50-day moving average (MA) of $82.86 and subsequent support at its 200-day MA of $82.77.

Over the past year, Waste Management has traded in a range of $72.50 to $89.73 and is now at $83.55, 15% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has remained constant.

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.

SmarTrend is tracking the current trend status for Waste Management and will alert subscribers who have WM in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle Waste Management

Ticker(s): WM