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PLAY > New Plays Wednesday, June 06, 2001
New Split Plays   New Candidate Plays   New Momentum Plays
(We update our stop losses daily at the CURRENT PLAYS page.)

New Split Plays

None

New Candidate Plays

None

New Momentum Plays

WMI - Waste Management $28.51 +0.11 (+0.71)

This waste service provider has been on a rocky ride since it fell out of bed in July of 1999. Less than two years ago WMI was a $60 stock, but due to accounting irregularities, it lost half its value in less than a month. Since 1999, Waste Management has cleaned up its act and has reasserted itself as the leader in U.S. disposal and recycling services. In addition, it just recently announced the formation of the first pulp and paper trading service within its industry. This service will allow WMI and its customers to manage their commodity price exposure and will further differentiate WMI from its competitors. Turning to the chart, we can see that WMI has just broken out of a large cup and handle formation. The good news is that the stock has very little in the way of upside resistance to hold it back at this point. In fact, judging by the depth of the cup, our near term price target on WMI is $34.50. In addition, WMI's MACD is set to issue a buy signal with one more up day like Wednesday's. Traders wishing to get into WMI could look to do so as long as WMI opens strong and doesn't dip below $28.50. Conversely, if WMI gaps higher, don't chase it much over $29. Look for volume to continue to come in strong (over 3 million shares for the day) when making your entry. Our initial stop is placed just under support at $26.90.


Picked on June 6th @ $28.51
Change since picked 0.00
Stop Loss @ $26.90
 
Interactive Chart Quote News First Call on WMI
 

New Plays Index

 


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