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

By David Diaz

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 $63.22 and $63.64 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, 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 (NYSE:WM) defies analysts with a current price ($63.27) 6.0% above its average consensus price target of $59.50. Waste Management shares have support at the 50-day moving average (MA) of $57.92 and additional support at the 200-day MA of $53.67.

Waste Management share prices have moved between a 52-week high of $64.00 and a 52-week low of $45.86 and are now trading 38% above that low price at $63.27 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.6%.

SmarTrend recommended that subscribers consider buying shares of Waste Management on April 29th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $58.47. Since that recommendation, shares of Waste Management have risen 8.9%. We continue to monitor WM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle Waste Management

Ticker(s): WM