NEW STOCK CHART BREAKDOWN- Waste Management (WM)

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DISCLAIMER: This chart is based on this date. I'm not suggesting a move up or down. I'm showing a chart I'm watching. I'm not recommending this stock as a purchase. Think of it like this, your showing the world thru my eyes and how I see this chart. Period!
SPOTLIGHT STOCK CHART
Waste Management	WM		LAST TRADE >	$109.02
See Current Stock Price-WM			POSTED ON	7/30/2020
See the World thru my eyes' - Chart Breakdown of the Week
Everyone is talking good things about Waste Management (WM) ... well at least all the Youtube videos that like to pick the 5 Best Stocks to Never Sell ... so I decided to check the chart and see if WM is a BUY at this point and I've found that right now might NOT be a good time ... why? Let's think about its business ... Waste Management is not a city government business like many think they are ... they go out and try to contract jobs from cities, county's and business's ... typically you won't see Waste Management picking up our trash in the neighborhoods as that's not as profitable was centralizing its routes in business districts ... you get what I'm trying to say? So thinking about the virus and how's the affected small businesses and BIG businesses that used to have tons of workers creating trash by working at the office ... well, that has DECREASED ... and many small businesses are not returning and going out of business ... so for me, WM is a WAIT, WATCH and SEE ... because as this shelter in place sorta continues I'm thinking it's going to affect its business ... NOTICE that its had a nice run over the past month or so and has riden ABOVE the RSI 50 being Bullish ... notice that before that it had riden under it ... still Bullish but not so much. The OBV line is steady trending HIGHER so Wall Street is still buying it ... its ABOVE the KC MID so for me it's not a 'low entry' purchase candidate yet ... we'll see but the chart is definitely FAVORABLY HIGHER
RSI	SMA (100)	SMA (200)	KELT MID	OBV TREND
59.9	101.52	108.1	106.88	HIGHER
CLICK IMAGE TO SEE IT LARGER IN ITS OWN BROWSER WINDOW

What's the RSI telling me?
RSI - 50/60 represents a stock that is for the most part fairly valued with some value to the Up side
CPT - Bullish still above 50
Support Lines
SMA - When looking for a 'Low Entry' purchase we would love to BUY near the 100 day or 200 day support line. Its not 100% but its a 'Buy Low' situation vs 'Buying High'
CPT - Running pretty Bullish here way above the support lines I like for a low entry purchase
Resistance Line (What Wall Street considers its Top of the Chart near term movement)
CPT - because it is trading higher, might want to check resistance lines ...				See Support-WM
Keltner Channel Breakdown
KC - The stock is trading ABOVE the KC MID line which doesn't present 'Low Entry' purchase and now might not be the time for me to start watching the stock. I like buying for value UNDER the MID line.
CPT - its above the KC MID so for now, Im watching
On Balance Volume or buying momentum ... is it trending Up?
OBV - The 'On Balance Volume' trend line is UP which tells technical traders that the stock has good momentum or in straight talk, people are BUYING IT. This is a 'Green' checkmark for me.
CPT - HIGHER ... so Wall Street is still putting money into this stock
Further research with - Using charts for technical analysis, Dividend information and Earnings Report Date
RSI, SUPPORT LINES		KELTNER, OBV
View Chart-WM		View Chart-WM
Is this a good company for Writing Covered Calls? ONLY you can be the judge of that :)
Looking at a 30 day window using just (1) deviation out ...
Current Price	Strike Price	~Prem	30 day return	Expiration
$109.02	$110.00	$1.78	2.53%	7/17/2020
Check this stocks options here >		https://finance.yahoo.com/quote/WM/options?p=WM
Definition of the various charting indicators I use
RSI - The Relative Strength Index (RSI), developed by J. Welles Wilder, is a momentum oscillator that measures the speed and change of price movements. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30. Source - https://www.investopedia.com/terms/r/rsi.asp
SMA (100/200) - A simple moving average (SMA) is an arithmetic moving average calculated by adding recent closing prices and then dividing that by the number of time periods in the calculation average. ... Short-term averages respond quickly to changes in the price of the underlying, while long-term averages are slow to react. Source - https://www.investopedia.com/terms/s/sma.asp
KC - The Keltner Channel is a moving average band indicator whose upper and lower bands adapt to changes in volatility by using the average true range. The Keltner Channel is used to signal possible price breakouts, show trend, and give overbought and oversold readings. Source - https://www.investopedia.com/terms/k/keltnerchannel.asp
OBV - On-balance volume (OBV) is a technical trading momentum indicator that uses volume flow to predict changes in stock price. ... He believed that when volume increases sharply without a significant change in the stock's price, the price will eventually jump upward or fall downward. Source - https://www.investopedia.com/terms/o/onbalancevolume.asp
Disclaimer - No - at the time of this posting I do not have a position in this equity. I will not take a position in this equity for 3 days of this equity as to not front run for this equity.
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