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Waste Management Has Been Trashed This Week, Here’s The Trade

Waste Management Has Been Trashed This Week, Here’s The Trade

Waste Management Inc (NYSE:WM) stock topped out on September 5th, 2019 at $121.76 a share. Since that high pivot, the stock has declined by more than 7.0% to $112.26 a share. Traders should also note that the stock is now trading below its August 5th pivot which was a very strong support area. The stock is now getting a bit oversold on the daily chart so there will likely be some short term bounces, but lower prices are ultimately in the cards. One level that has caught my eye as major support is around the $102.00 area. This is where there is a major gap fill from May 31, 2019. There is also support from the 50-week moving average on the chart. This area should be solid for a long side swing trade in WM stock.

 

 

 

Nick Santiago Trading Services