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Waste Management Is Looking Vulnerable to Further Declines

Bruce Kamich

In this daily bar chart of WM, below, we can see that prices have been trading this month below the declining 50-day moving average line while testing the rising 200-day line. The daily On-Balance-Volume (OBV) line shows a peak in March and a retest in April before declining to a new low now. A declining OBV line is a sign that traders have been more aggressive on the sell side.