Waste Management Inc Stock Forecast

Evaluation of Waste Management Inc stock downgraded after the last trading session.
(Updated on Apr 17, 2024)

WM Signals & Forecast

Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Waste Management Inc stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $208.98. On a fall, the stock will find some support from the short-term average at $206.07. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. A sell signal was issued from a pivot top point on Wednesday, March 27, 2024, and so far it has fallen -3.65%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Support, Risk & Stop-loss for Waste Management Inc stock

Waste Management Inc finds support from accumulated volume at $201.54 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $1.94 between high and low, or 0.95%. For the last week the stock has had daily average volatility of 1.21%.

Waste Management Inc is oversold on RSI14 (21). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (WM) For The Upcoming Trading Day Of Thursday 18th

For the upcoming trading day on Thursday, 18th we expect Waste Management Inc to open at $205.61, and during the day (based on 14 day Average True Range), to move between $203.86 and $208.44, which gives a possible trading interval of +/-$2.29 (+/-1.11%) up or down from last closing price. If Waste Management Inc takes out the full calculated possible swing range there will be an estimated 2.22% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $206.93 (0.38%) than the support at $201.54 (2.24%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is Waste Management Inc stock A Buy?

The Waste Management Inc stock holds several negative signals and despite the positive trend, we believe Waste Management Inc will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.

Current score: -2.274 Sell Candidate Downgraded

Predicted Opening Price for Waste Management Inc of Thursday, April 18, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.