Waste Management (WM) shares gapped up on Tuesday's market open from a quarterly earnings beat of $1.29 (est. $1.115) where the stock ranked just outside of the green favored zone. However, yesterday the shares moved into the green favored zone for the first time since March of 2020. Looking at the weekly candlestick chart the shares have successfully tested the 200 and 50 day simple moving averages on increased volume. As well a confirmed bullish trendline has formed which was recently tested for the 3rd time.
Initial upside resistance based on fib extension levels appears at $174.51 and above that at $180.32. Support below can be found at the freshly broken resistance level of $165 and below that near $155 which would coincide with a 4th test of the current trendline.
Yesterday, Waste Management Inc. (WM) shares moved into the green favored zone for the first time since March of 2020 resuming the uptrend which started in late February of this year. After a false double top break out back in December of 2021 the shares retraced 17% before climbing back up to test the highs again. This week the 1% point and figure chart again showed a bullish spread double top set up however this time price confirmed the move and broke out above.
horizontal counts suggest next potential resistance may appear near $175.37, then $180.68 on trend. Initial support appears near $161.95 based on a 3-box reversal and below that at prior support of $155.63
With a bullish SMAX score of 8, WM is exhibiting strength against the asset classes.
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