Watch $WMBearish
Fundamental
- Funds distributing
- Negative PEG
- Over-valued
TA
- Double top
- Momentum divergence
- Broke trend line
WM trade ideas
WM - Double Top Rejection WM can be seen to be trending upwards yet facing resistance along fib lines
this is evident along 0.618 a prior point of resistance and a double top
Currently the Fib is 0.786 and is looking very similar to the prior 0.618
Price will likely be rejected and find support again along the major trend line in green
6/5/22 WMWaste Management, Inc. ( NYSE:WM )
Sector: Industrial Services (Environmental Services)
Market Capitalization: $66.068B
Current Price: $159.12
Breakout price: $160.10
Buy Zone (Top/Bottom Range): $158.40-$153.25
Price Target: $166.20-$168.80 (1st), $188.70-$190.10 (2nd)
Estimated Duration to Target: 55-59d (1st), 166-176d (2nd)
Contract of Interest: $WM 1/20/23 160c, $WM 7/15/22 160c
Trade price as of publish date: $4.20/contract, $11.50/contract
Waste Management - Time for Big Short?Although not a 'sexy' and popular tech company Waste Management has enjoyed an exponential growth for the past decade.
Is it time for this bubble to burst?
Fundamental indicators:
Revenue and Profits - demonstrated consistent long-term earnings growth over the past 10 years (124.63%)
Profit margin - not impressive but decent 10.30%
P/E - quite overpriced at 36x considering this is not a growth company
Liabilities - no problems there
Technically:
Although the share has enjoyed good growth since March 2020 fall, another considerable drop in 2022 has completed a lengthy and running correction of Wave 4
Since then there was an Ending Diagonal developing and only last wave C of 5 left
After slightly updating the high it is possible for the price to go into long term correction with a considerable drop in the first wave
The target is likely to be the range between $85-$105 which represent 0.5 and 0.382 Fibonacci retracements respectively
What do you think about this scenario?
Please share your thoughts in the comments and like this idea if you would like to see more stocks analysed using Elliott Waves.
Thanks
Would you buy garbage (WM)?Waste Management NYSE:WM is one of my favorite stocks because I was once asked, when I said I was a professional technical trader, "if the price of garbage was going up, you would buy it?" To which I replied, "yes, I own Waste Management"
This morning I received a volatility spike alert which is happening at a major 50% Retracement.
Added to my position that began back in March of 2020 when the world was ending.
Earnings watch 2/2 pre-marketEarnings watch 2/2 pre-market:
WM
MPC
ABBV
DHI
TMO
DT
HUM
JCI
CPRI
BSX
Do your own due diligence, your risk is 100% your responsibility. This is for educational and entertainment purposes only. You win some or you learn some. Consider being charitable with some of your profit to help humankind. Good luck and happy trading friends...
*3x lucky 7s of trading*
7pt Trading compass:
Price action, entry/exit
Volume average/direction
Trend, patterns, momentum
Newsworthy current events
Revenue
Earnings
Balance sheet
7 Common mistakes:
+5% portfolio trades, capital risk management
Beware of analyst's motives
Emotions & Opinions
FOMO : bad timing, the market is ruthless, be shrewd
Lack of planning & discipline
Forgetting restraint
Obdurate repetitive errors, no adaptation
7 Important tools:
Trading View app!, Brokerage UI
Accurate indicators & settings
Wide screen monitor/s
Trading log (pencil & graph paper)
Big, organized desk
Reading books, playing chess
Sorted watch-list
Checkout my indicators:
Fibonacci VIP - volume
Fibonacci MA7 - price
pi RSI - trend momentum
TTC - trend channel
AlertiT - notification
tickerTracker - MFI Oscillator
www.tradingview.com
WM is one to keep an eye on!* Great earnings
* Very strong up trend
* High 3-month relative strength of 2.55 in the Industrial sector
* Pays out dividends
* Has been in a tight range of ~3.94% for the past 5 to 6 weeks
* Held up incredibly well during this time of market uncertainty
Trade Idea:
* There are a few plays you can do here since the 4% stop is quite a distance away:
1) Enter now if you can stomach a little volatility
2) You can look for a buying opportunity once it has broken and closed above $166.23
3) You can wait for a discounted entry near the $164.22 area
4) You can wait for a bounce from the $161.24 area.
Any thing below $161.24 would negate this idea.
WMNew highs. I called this out novemeber 11th a we were breaking key reisatnce of 160.40s. I went long on 170 calls and 165 calls. We made a new high today as we have slowly been headed to my first target of 174s. As of now flipping our previous high of 163.83 into support. Looking excellent in my veiws
WM showing signs to go higher* Great earnings year over year
* Very strong up trend
* Breaking out of a 6 week consolidation with higher than average volume ... roughly 37% higher
* Broke resistance and retested it as support
* Offering a pocket pivot breakout indicating that institutions are stepping in
* Pays out dividends
Trade Idea:
* Now is the best time to get in as the price is still close to the breakout level and it's showing signs that institutions may be stepping in to buy
* If you're looking for a slight discount you can look for an entry near the 156.60 area
* A break below 156.60 would expose 154.26 as the next possible support.
Note:
* Given it's growth over the years and the fact that it pays out dividends, WM is also a great long term hold for your investment portfolio.
