WM closes below its opening price unable to hold early session gains


Waste Management Inc. (WM) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team

Highlights

WM closes below its opening price unable to hold early session gains
WM closes within previous day's range

Overview

WM ended Wednesday at 116.85 losing $0.22 (-0.19%), but still slightly outperforming the S&P 500 (-0.46%). Trading $1.39 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.

Daily Candlestick Chart (WM as at Sep 16, 2020):

Daily technical analysis candlestick chart for Waste Management Inc. (WM) as at Sep 16, 2020

Wednesday's trading range has been $2.24 (1.91%), that's above the last trading month's daily average range of $1.79. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for WM.

Crossing below the upper Bollinger Band, prices have lost at least some of their upward momentum in the short-term and could now be heading back down towards the mean of the Bollinger Bands at 113.10. The last time this happened on August 27th, WM lost -0.23% on the following trading day.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Among the four market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close crossed below the upper Bollinger Band" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Waste Management. Out of 95 times, WM closed higher 57.89% 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 66.32% with an average market move of 0.40%.


Market Conditions for WM as at Sep 16, 2020

Loading Market Conditions for WM (Waste Management Inc.)...
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WM closes lower for the 4th day in a row

Sep 21, 2020
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