Strategic Look at Waste Management .
Waste Management Inc. (WM) has been showing a promising upward trend, reflected in its recent price action and supported by robust technical indicators. With the stock currently trading at $213.34 and pre-market movements indicating further gains, the analysis reveals a bullish outlook. Here’s an in-depth analysis based on the latest data, price action, and current news.
WM has shown significant strength over the past few months, with the daily chart depicting a strong uptrend. The recent candles indicate bullish momentum, with the price consistently closing above key moving averages. The stock is trading well above the 50-day and 200-day moving averages, signaling a continued bullish sentiment.
Ichimoku Cloud: The stock price is above the Ichimoku cloud, which indicates a strong bullish trend. The leading span lines are also widening, suggesting that the trend might continue.
RSI (Relative Strength Index): The RSI is at 64.44, which is in the neutral zone but leaning towards overbought. This indicates that there is still room for upward movement before reaching the overbought territory.
MACD (Moving Average Convergence Divergence): The MACD line is above the signal line, and both are in positive territory, supporting the bullish outlook.
Stochastic Oscillator: The Stochastic %K is at 92.47, nearing the overbought level. This suggests that while the stock has strong momentum, investors should watch for potential pullbacks.
Exponential Moving Averages (EMA): All key EMAs (10, 20, 30, 50, 100, 200) are signaling a buy, reinforcing the bullish trend.
Simple Moving Averages (SMA): Similar to EMAs, all SMAs from 10-day to 200-day are indicating a strong buy, supporting the continuation of the uptrend.
Pivot Point (P): $209.00
Resistance Levels (R1, R2, R3): $214.41, $218.09, $227.18
Support Levels (S1, S2, S3): $205.32, $199.91, $190.82
Given the current price and these pivot points, the stock has a short-term resistance at $214.41, which aligns with the recent pre-market price of $214.69.
WM’s earnings report shows a steady increase, with Q1 2024 EPS beating estimates by 16.64%. The revenue growth has been consistent, indicating strong operational performance.
Next Earnings Report Date: July 24, 2024
EPS Estimate: $1.82
Revenue Estimate: $5.43 billion
WM’s cash flow statements indicate robust cash from operating activities, showing significant YoY growth of 30.94% in Q1 2024. This is a positive sign of the company’s financial health and its ability to generate cash.
Based on the analysis, WM is poised for further gains. The stock is currently in a strong uptrend with robust technical and fundamental backing.
Long Position
Entry Point: Above $214.00
Price Target: $227.56 (aligned with the 1-year price target)
Stop Loss: $205.00 (below the pivot support level S1)
Short Position
Entry Point: Below $205.00
Price Target: $190.00 (near support level S3)
Stop Loss: $214.00 (above the pivot resistance level R1)
Waste Management Inc. presents a compelling opportunity for both long and short-term investors. The technical indicators, combined with solid earnings performance and positive cash flow, suggest a bullish outlook with potential for significant gains. Traders should monitor the key levels and adjust their positions accordingly to maximize returns.
Price Prediction: Given the current trends and data, WM could reach $227.56 within the next year.
WM has shown significant strength over the past few months, with the daily chart depicting a strong uptrend. The recent candles indicate bullish momentum, with the price consistently closing above key moving averages. The stock is trading well above the 50-day and 200-day moving averages, signaling a continued bullish sentiment.
Ichimoku Cloud: The stock price is above the Ichimoku cloud, which indicates a strong bullish trend. The leading span lines are also widening, suggesting that the trend might continue.
RSI (Relative Strength Index): The RSI is at 64.44, which is in the neutral zone but leaning towards overbought. This indicates that there is still room for upward movement before reaching the overbought territory.
MACD (Moving Average Convergence Divergence): The MACD line is above the signal line, and both are in positive territory, supporting the bullish outlook.
Stochastic Oscillator: The Stochastic %K is at 92.47, nearing the overbought level. This suggests that while the stock has strong momentum, investors should watch for potential pullbacks.
Exponential Moving Averages (EMA): All key EMAs (10, 20, 30, 50, 100, 200) are signaling a buy, reinforcing the bullish trend.
Simple Moving Averages (SMA): Similar to EMAs, all SMAs from 10-day to 200-day are indicating a strong buy, supporting the continuation of the uptrend.
Pivot Point (P): $209.00
Resistance Levels (R1, R2, R3): $214.41, $218.09, $227.18
Support Levels (S1, S2, S3): $205.32, $199.91, $190.82
Given the current price and these pivot points, the stock has a short-term resistance at $214.41, which aligns with the recent pre-market price of $214.69.
WM’s earnings report shows a steady increase, with Q1 2024 EPS beating estimates by 16.64%. The revenue growth has been consistent, indicating strong operational performance.
Next Earnings Report Date: July 24, 2024
EPS Estimate: $1.82
Revenue Estimate: $5.43 billion
WM’s cash flow statements indicate robust cash from operating activities, showing significant YoY growth of 30.94% in Q1 2024. This is a positive sign of the company’s financial health and its ability to generate cash.
Based on the analysis, WM is poised for further gains. The stock is currently in a strong uptrend with robust technical and fundamental backing.
Long Position
Entry Point: Above $214.00
Price Target: $227.56 (aligned with the 1-year price target)
Stop Loss: $205.00 (below the pivot support level S1)
Short Position
Entry Point: Below $205.00
Price Target: $190.00 (near support level S3)
Stop Loss: $214.00 (above the pivot resistance level R1)
Waste Management Inc. presents a compelling opportunity for both long and short-term investors. The technical indicators, combined with solid earnings performance and positive cash flow, suggest a bullish outlook with potential for significant gains. Traders should monitor the key levels and adjust their positions accordingly to maximize returns.
Price Prediction: Given the current trends and data, WM could reach $227.56 within the next year.
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