Waste Management, Inc., through its subsidiaries, provides various
waste management environmental services to residential, commercial,
industrial, and municipal customers in North America. It offer
collection services, including picking up and transporting waste and
recyclable materials from where it was generated to a transfer station,
and material recovery facility, or disposal site, as well as develops
and operates landfill gas-to-energy facilities in the United States. The
company also provides materials processing, plastics materials
recycling, and commodities recycling services; recycling brokerage
services that comprise managing the marketing of recyclable materials
for third parties; and electronic recycling services, such as
collection, sorting, and disassembling of discarded computers,
communications equipment, and other electronic equipment.
Take a look at the 1-year chart of Waste (NYSE: WM) below with my added notations:
Over the last 6 months WM has been trending consistently higher,
while also forming a nice trend line of support (green). Always remember
that any (2) points can start a trend line, but it’s the 3
rd
test and beyond that confirm its relevance. As you can see, the market
deems WM’s trendline to be very important. In addition, the stock also
has a key level of resistance at $55 (red).
The Tale of the Tape: WM has a trend line support and a $55
resistance. A long position could be entered on a break above $55, or on
a pullback to the trendline, with a stop placed below the level of
entry. A short position could be entered if WM were to break below
trendline.
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