Williams Companies Inc. (NYSE: WMB) WMB share price has shown a bullish flag pattern breakout and is heading towards the blue sky zone near $50. Moreover, the price action shows that WMB stock price escaped the significant moving averages and is riding the gains. Furthermore, the chart suggests that WMB share initiated fresh buying momentum, trapping the shortsellers who made a grip near the trendline of $25.
Recently, analysts gave a favourable view, increasing the target price of WMB stock, enabling the bulls to crash the cluster of $30 and register a breakout despite the bearish market sentiments. Furthermore, the WMB share price is in the bull trajectory and has showcased a higher high. However, the options chain shows that, at the strike price of $35, a massive open interest of 5889 hundred shares on the call side shows a strong resistance mark, whereas 3234 hundred shares on the put side indicates that buyers are showing their interest to sustain at $35.
At press time, WMB stock price was $35.65 with an intraday drop of 0.70%, showing neutrality in the yesterday’s trading session. Moreover, trading volume increased by 1.34% to 7.450 Million; market cap is $43.365 Billion. However, analysts maintained a buy rating with a yearly target price of $37.88 suggesting a growth outlook for coming next sessions.
The Williams Cos., Inc. operates as an energy infrastructure company, which explores, produces, transports, sells and processes natural gas and petroleum products. It operates through the following segments: Transmission and Gulf of Mexico, Northeast G&P, and West. The Transmission and Gulf of Mexico segment consists of interstate natural gas pipelines, the Transco and Northwest Pipelines. The Northeast G&P segment includes midstream gathering, processing, and fractionation businesses in the Marcellus Shale region primarily in Pennsylvania and New York, and the Utica Shale region of eastern Ohio. The company was founded by David Williams and Miller Williams in 1908 and is headquartered in Tulsa, OK.
Will WMB Stock Extend Gains to $50?
On the daily charts, WMB stock price is above the significant moving averages and has showcased buying interest. Furthermore, the price action has witnessed fresh long additions which giving strong conviction that WMB share price will reach the $50 mark in the coming sessions. Additionally, WMB stock is above the 61.8% Fibonacci retracement zone and is close to the upper bollinger band. Furthermore, if WMB stock surpasses the immediate swing of $40, a sharp up move will lead to catch $50 soon.
The RSI curve is in the overbought zone and formed a bullish divergence indicating that follow-on buying and outperformance will continue in the upcoming sessions.
The MACD shows a bullish crossover and green bars on the histogram suggesting a positive outlook for the upcoming sessions.
Summary
Williams Companies (WMB stock) price is in the bull territory and is above the trendline hurdle of $30 highlighting buyer dominance. Furthermore, the call writer of $30 looked trapped and started covering their short positions. A fresh up-move toward $40 is anticipated in the coming sessions.
Technical Levels
Support Levels: $32 and $30
Resistance Levels: $40 and $50
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/10/19/wmb-stock-nyse-wmb-witnessed-upmove-will-bulls-fetch-50/