Waste Management (WM) is likely to experience positive momentum in intraday trading hours. Here's the analysis to support this conclusion:
- Technical Indicators: WM's 5-Day Moving Average (MA) is at $210.08, which is very close to its 10-Day MA of $211.66, indicating a potential for a bullish breakout. Additionally, the stock's RSI is at 23.89, which is relatively low and suggests that the stock may be undervalued, potentially leading to a price increase.
- Support and Resistance Levels: The stock's support level is at $206.46, which WM has shown resilience against, and the resistance level is at $209.78. The proximity of the stock price to the support level and the potential for the stock to break through the resistance level suggests a potential for positive momentum.
- Recent Performance: WM has gained 5.25% over the past month, outpacing the Business Services sector's gain of 2.97%. This recent performance suggests a positive market sentiment towards the stock, which could continue in intraday trading hours.
- Earnings Report Expectations: The upcoming earnings report is expected to reveal an EPS of $1.86, indicating a 14.11% growth compared to the same quarter last year. This suggests that the stock may experience a rebound as the earnings report is better than expectations.
- Market Sentiment: The overall market sentiment towards WM is positive, with analysts setting an average 12-month price target of $213.4, which is higher than the current trading price, indicating potential upside.
In conclusion, the combination of favorable technical indicators, recent positive performance, and optimistic earnings report expectations suggests that WM is likely to have positive momentum in intraday trading hours.
10/28/2024 11:07am
