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

By Nick Russo

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. Today's price range of $65.01 and $65.43 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. 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.

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) is currently priced 8.9% above its average consensus analyst price target of $59.50. The stock should discover initial support at its 50-day moving average (MA) of $57.92 and subsequent support at its 200-day MA of $53.67.

Waste Management share prices have moved between a 52-week high of $70.50 and a 52-week low of $45.86 and are now trading 42% above that low price at $65.34 per share. The 200-day and 50-day moving averages have moved 0.43% higher and 0.57% higher over the past week, respectively.

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 11.1%. We continue to monitor WM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle Waste Management

Ticker(s): WM