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

By Nick Russo

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 $75.81 and $76.16 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, 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.

Over the past year, Waste Management has traded in a range of $61.08 to $76.33 and closed yesterday at $76.03, 24% above that low. 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%.

Waste Management has overhead space with shares priced $76.03, or 3.5% below the average consensus analyst price target of $78.82. 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.

SmarTrend recommended that subscribers consider buying shares of Waste Management on June 1st, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $73.11. Since that recommendation, shares of Waste Management have risen 4.2%. We continue to monitor WM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle Waste Management

Ticker(s): WM