Chart of the Day: Waste Management Makes Impressive Move
The stock moves slow but continues to grind higher.
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Many investors think of names like Waste Management WM as boring industrials.
This company, however, just continues to churn out big profits quarter after quarter and is not all that bothered by what is happening with global trade (i.e., tariffs). Since the start of the year, Waste has been a solid grower, moving better than the S&P 500 and Nasdaq, a whopping 20% higher and with strong, bullish volume days as well. There is nothing at all wrong with Waste Management.
The encouraging thing about the chart is the current base being built at a higher level. Following that strong surge earlier in the year, the stock has cooled of a bit but even after a sharp drop in early April, Waste Management recovered those losses and then some. Further, the stock has flipped from bearish to bullish in about a month's time, an impressive move.
Momentum remains strong but may be rolling over here (stochastics, pane four). The ADX is flat on its back which means there is no trend right now, money flow is weakening but price action is still positive. We'll defer to that indicator here and a nice, short series of higher lows.
We like Waste Management in TheStreet Pro Portfolio and rate it a two, or stockpile on pullbacks.
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At the time of publication, TheStreet Pro Portfolio was long WM.
