Home
News
- 1 WM Stock price shows bullishness on the charts.
- 2 Bulls are accumulating the stock and are willing to break the neckline of $175.
Waste Management stock (WM) price is forming an inverted head and shoulder pattern, suggesting bullishness on the charts with early indications of an upcoming rally. Moreover, the pattern’s neckline is on the verge of breaking the $172 level. However, there is immediate resistance of $175 and if it is surpassed, a massive rally may be witnessed. Furthermore, the price action of WM stock indicates that it has completed the correction phase and is poised for a significant upward movement in the upcoming sessions.
The chart structure shows a positive outlook, and volume increased significantly, suggesting an upcoming price surge. Furthermore, WM stock trades beyond the significant moving averages and holds the gains in uncharted territory. The upside has a broad range to be retested with a trajectory target of $175, followed by $190. On the other hand, the downside is protected by buyers, and there is a strong support zone of $160 which was retested in the past trading sessions.
WM, formerly Waste Management,Inc. is North America’s leading provider of integrated environmental solutions. They partner with customers and communities to manage and reduce waste from collection to disposal while recovering valuable resources and creating clean, renewable energy. WM tailors its services to meet each customer group’s needs and ensure consistent, superior service at the local level.
WM stock was traded at $171.05 at press time with an intraday drop of 0.20%, showing a pause in the last trading session. Furthermore, the intraday trading volume was 1.082 million, and the market cap is $69.586 billion.
Will WM Stock Surpass $175?
WM stock forms a bullish chart structure on the daily charts and suggests a breakout in the following sessions. Furthermore, if the price manages to break above the neckline level at $175, it could trigger a new rally in the stock. Buyers’ dominance was indicated on the charts, and they maintained decisive control over the price in the past sessions.
Furthermore, WM stock is trading above the 61.8% Fib level in the bullish region and is now near the 78.6% level, which existed at $174. Buyers are attempting to surpass the range and are looking for a breakout.
The RSI curve floats near 68 in the overbought zone, and a positive divergence was noted on the charts.
The MACD indicator also persisted to form green bars on the histogram, showing a bullish crossover and indicating a positive outlook.
Conclusion:
The price of Waste Management (WM stock) is approaching a potential breakout point, and there are indications of increased buyer activity, signaling renewed bullish sentiment in the market.
Technical levels
Support Levels: $160
Resistance Levels:$175 and $180
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
