WM dominated by bulls lifting the market higher throughout the day


Waste Management Inc. (WM) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team

Highlights

WM breaks above 100-day moving average for the first time since June 10th
WM dominated by bulls lifting the market higher throughout the day
WM closes higher for the 4th day in a row
WM pushes through Monday's high

Overview

Moving higher for the 4th day in a row, WM finished the month -0.79% lower at 105.91 after gaining $2.35 (2.27%) today, outperforming the S&P 500 (1.54%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 103.87, the market confirmed its breakout through the previous session high after trading up to $2.43 above it intraday.

Daily Candlestick Chart (WM as at Jun 30, 2020):

Daily technical analysis candlestick chart for Waste Management Inc. (WM) as at Jun 30, 2020

Tuesday's trading range has been $2.94 (2.84%), that's slightly above the last trading month's daily average range of $2.80. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for WM.

One bullish candlestick pattern matches today's price action, the White Candle.

Waste Management managed to close above the 100-day moving average at 104.86 for the first time since June 10th. When this moving average was crossed above the last time on June 3rd, WM actually lost -2.01% on the following trading day. Prices are trading close to the key technical resistance level at 107.45 (R1).

Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 100" stand out. Its common bullish interpretation has been confirmed for Waste Management. Out of 49 times, WM closed higher 65.31% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 61.22% with an average market move of 0.30%.


Market Conditions for WM as at Jun 30, 2020

Loading Market Conditions for WM (Waste Management Inc.)...
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