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

By Amy Schwartz

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 $63.98 and $64.56 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) defies analysts with a current price ($64.36) 7.6% above its average consensus price target of $59.50. 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.

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 40% above that low price at $64.36 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 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: bullish inside day candle Waste Management

Ticker(s): WM