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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 $62.69 and $62.96 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.

Based on a current price of $62.69, Waste Management is currently 5.1% 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, 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.

In the past 52 weeks, shares of Waste Management have traded between a low of $45.86 and a high of $70.50 and are now at $62.69, which is 37% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.6%.

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 inside day candle Waste Management

Ticker(s): WM