Chart of the Day: A Holding Pulls Back to a Reliable Buy Zone
Tagging the 200-day moving average again might be where this stock starts to move back up.
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The stock of Waste Management WM has been trashed lately but has now landed on a prior level of support that previously helped launch the stock.
Notice the stock is bouncing around the 200-day moving average. The last time this level was tested in June, WM moved up a sharp 10% before this recent decline started.
Of course, we can see the trend is bearish with pink/purple candles, and the GoNoGo tells us to be cautious here.
Other indicators are bearish, as we might expect, like the MACD and stochastics, but money flow is turning up — not quite bullish yet but showing signs of life. If this move to the 200-day moving average holds and the big money starts coming after this name, don't be surprised to see a bit more upside towards the $245 level again. At this point, it might be a good spot to add more shares if you're so inclined.
We like Waste Management in TheStreet Pro Portfolio and rate it a Two, or "stockpile on pullbacks."
At the time of publication, TheStreet Pro Portfolio was long WM.
