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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. Yesterday's price range of $63.98 and $64.56 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, Waste Management share prices have been bracketed by a low of $45.86 and a high of $70.50 and closed yesterday at $64.37, 40% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.6% while the 200-day MA has risen 0.4%.

Waste Management (NYSE:WM) is currently priced 7.6% above its average consensus analyst 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, 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.

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 am inside day candle Waste Management

Ticker(s): WM