WASTE CONNECTIONS INC (NYSE:WCN) showing some interesting technicals. Here's why.

Our stockscreener has identified a possible breakout setup on WASTE CONNECTIONS INC (NYSE:WCN). This occurs when the stock consolidates following a significant upward movement. While the breakout outcome cannot be guaranteed, it may be worth monitoring NYSE:WCN for potential opportunities.

Technical analysis of NYSE:WCN

Every day, ChartMill assigns a Technical Rating to each stock, providing a score ranging from 0 to 10. This rating is determined by evaluating various technical indicators and properties.

We assign a technical rating of 8 out of 10 to WCN. Although WCN is only a medium performer in the overall market, the technical picture looks good in both the medium and short term time frames.

• Both the short term and long term trends are positive. This is a very positive sign.
• WCN is currently trading near its 52 week high, which is a good sign. The S&P500 Index however is also trading near new highs, which makes the performance in line with the market.
• WCN is currently showing a bull flag pattern! A bull flag pattern occurs when prices pull back slightly after a strong rise up. This may be a nice opportunity for an entry.
• When comparing the performance of all stocks over the past year, WCN turns out to be only a medium performer in the overall market: it outperformed 69% of all stocks.
• WCN is an average performer in the Commercial Services & Supplies industry, it outperforms 63% of 81 stocks in the same industry.
• In the last month WCN has a been trading in a tight range between 141.55 and 149.88.

Check the latest full technical report of WCN for a complete technical analysis.

Looking at the Setup

Besides the Technical Rating, ChartMill assigns a Setup Rating to every stock to determine the degree of consolidation. This rating, ranging from 0 to 10, is updated daily and evaluates various short-term technical indicators. NYSE:WCN currently holds a 9 as its setup rating, suggesting a particular level of consolidation in the stock.

Besides having an excellent technical rating, WCN also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 148.67. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 147.97, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for WCN in the last couple of days, which is a good sign. Another positive sign is the recent Pocket Pivot signal.

Trading setups like NYSE:WCN

To potentially initiate a trade, it is common practice to wait for the stock to break out of the consolidation zone. This breakout signifies a potential upward movement, and traders may enter the stock at that point. Conversely, if the stock falls back below the consolidation zone, it may be sold at a loss.

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents technical observations generated by automated analysis but does not guarantee any trading outcomes. Always trade responsibly and make independent judgments.

Our Breakout screener lists more breakout setups and is updated daily.

Keep in mind

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.