In our last review of WM on Feb. 17 we wrote that "I have no special knowledge of the upcoming earnings' numbers for WM but the charts are certainly not bullish. The downtrend in price is likely to continue. Avoid the long side of WM." It turns out that prices were weak into month end but have soared higher in March and April.
Let's check the conditions again.
In this updated daily bar chart of WM, below, we can see that the shares broke below the 200-day moving average line in late February but managed to attract buyers and rallied back above the long-term average. Prices have climbed higher into early May. The slopes of both and the 50-day average and the 200-day average are positive.
The Moving Average Convergence Divergence (MACD) oscillator moved above the zero line in early March for an outright buy signal and we are seeing this indicator turning upward again for another buy signal.