Interesting Technical Analysis finding for WASTE CONNECTIONS INC (NYSE:WCN)

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 WCN

ChartMill assigns a Technical Rating to every stock. This score ranges from 0 to 10 and is updated daily. The score is determined by evaluating multiple technical indicators and properties.

We assign a technical rating of 10 out of 10 to WCN. Both in the recent history as in the last year, WCN has proven to be a steady performer, scoring decent points in every aspect analyzed.

• The long and short term trends are both positive. This is looking good!
• Looking at the yearly performance, WCN did better than 86% of all other stocks. On top of that, WCN also shows a nice and consistent pattern of rising prices.
• WCN is one of the better performing stocks in the Commercial Services & Supplies industry, it outperforms 74% of 83 stocks in the same industry.
• WCN is currently trading near its 52 week high. This is a good sign, certainly because the S&P500 Index is not trading near new highs.
• In the last month WCN has a been trading in the 181.12 - 199.78 range, which is quite wide. It is currently trading near the high of this range.
• Prices have been consolidating recently, this may present a good entry opportunity.

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

Why is WCN a setup?

Next to the Technical Rating, the Setup Rating of a stock determines to which extend the stock is consolidating. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. For WCN this score is currently 8:

Besides having an excellent technical rating, WCN also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is a resistance zone just above the current price starting at 197.93. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 196.39, a Stop Loss order could be placed below this zone.

How can WCN be traded?

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.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Disclaimer

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.