Waste Management: Don't Dump This Stock

 | Aug 04, 2017 | 3:03 PM EDT
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Waste Management Inc. (WM) has been in an uptrend since October, extending the rally from 2015. This business might not make for great cocktail conversation, but if you are looking for a decent uptrend and strong technical signals then WM should be on your shopping list.

In this daily bar chart of WM, below, we can see that prices are currently back above the rising 50-day moving average line. There were breaks of the line in May and February. The 200-day moving average line is pointed higher with a strong positive trend. The daily On-Balance-Volume (OBV) has been rising for the past 12 months and tells us that buyers of WM have been more aggressive for a long time. The Moving Average Convergence Divergence (MACD) oscillator has spent much of the year above the zero line where it is now.

In this weekly bar chart of WM, below, we can see an impressive rally the past three years. The rising 40-week moving average line has defined most of this rise. WM is still above this long-term indicator. The weekly OBV line is positive. The weekly MACD oscillator is above the zero line and poised for a crossover and fresh buy signal.

In this Point and Figure chart, below, shows the rally with a big upside breakout last year in the low $50s. There is an upside price target in the $87-$88 area.

Bottom line: WM is in a uptrend and there are further upside price targets. I would trade WM from the long risking a close below $71.

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