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

By Shiri Gupta

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. Yesterday's price range of $115.04 and $115.78 is within the prior day'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) defies analysts with a current price ($116.06) 20.3% above its average consensus price target of $92.56. Waste Management shares have support at the 200-day moving average (MA) of $112.57 and additional support at the 50-day MA of $112.12.

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.

In the past 52 weeks, shares of Waste Management have traded between a low of $90.45 and a high of $121.77 and closed yesterday at $116.06, which is 28% above that low price. 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.

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 am inside day candle Waste Management

Ticker(s): WM