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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Waste Management (NYSE:WM) based on the price action in the company's shares. Yesterday's price range of $83.12 and $84.48 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. Traders and investors interested in shares of Waste Management may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, shares of Waste Management have traded between a low of $61.08 and a high of $89.73 and closed yesterday at $84.13, which is 38% above that low price. The 200-day and 50-day moving averages have moved 0.43% higher and 0.57% higher over the past week, respectively.

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.

There is potential upside of 10.8% for shares of Waste Management based on a current price of $84.13 and an average consensus analyst price target of $93.20. The stock should find initial support at its 50-day moving average (MA) of $57.92 and further support at its 200-day MA of $53.67.

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: bullish am inside day candle Waste Management

Ticker(s): WM