Chart of the Day: Waste Management Is Getting It Done
This industrial name is leading the charge in this broad sector.
You've reached your free article limit
You've read 0 of 1 free Pro articles.
No two ways about it, Waste Management WM is in a solid long-term uptrend. But the daily chart, below, appears to show the recent corrective action has been completed.
Since the start of May WM retreated on mild selling. That was completely normal and healthy after a strong up move from the start of the year. We believe the recent correction has finished and a new uptrend can be established. Moving Average Convergence Divergence (MACD) is on a buy signal here while money flow is really starting to move upward.
Stochastics are also on the move, while the parabolic SAR (stop and reverse) has just turned bullish this past week. All systems go here for Waste Management.
We see a run to the $250 area on the near-term horizon after breaching the prior high of $218-220.
We rate WM a Two in TheStreetPro portfolio.
At the time of publication, TheStreet Pro Portfolio was long WM.
