Chart of the Day: Waste Management Proves Garbage Is Hot
With earnings tonight, WM is right at all-time highs after a tremendous run up this month.
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Who needs AI when you have the most reliable industrial of them all: trash! Waste Management (WM) has had a stunning move to the upside; we find there are these periodic moments when Waste is simply working best. This is no dumpster fire, rather a very strong and bold move on a stock that continues to pay for its shareholders.
Nothing wrong with the technicals here. The Moving Average Convergence Divergence, as seen in the second pane, may be overbought here and the money flow, seen down below, is lights-out bullish. Notice the Relative Strength Index, which also may be overdone, so with the stock sitting right at the all-time highs we could see a modest pullback soon.
The recent surge in price took the candles from purple to pink right to blue, so bearish to full on bullish with the GoNoGo composite of indicators. Maybe a 10% pullback to the $220 area would be ideal for adding more shares. We trimmed shares on yesterday, the prudent thing to do when a stock is at all-time highs. Waste will report earnings after the close today.
We like Waste Management in TheStreet Pro Portfolio and rate it a Two, or “stockpile on pullbacks.”
At the time of publication, the Pro Portfolio was long WM.
