Current trend

Shares of 3M Co., an American diversified innovative manufacturing company, are moving within a medium-term downward channel. Two weeks ago, the quotes reached its upper limit of 106.25 (Murrey level [6/8]) again and corrected downwards to 96.88 (Murrey level [3/8]). Currently, the price is trying to return to the positive part of the Murrey trading range, having broken the level of 100.00 (Murrey level [4/8]), supported by the middle line of Bollinger Bands, consolidation above which will allow it to reach the area of ​​103.12 (Murrey level [5/8]) and 106.25 (Murrey level [6/8]). In case of consolidation below the key “bearish” level of 96.88, a decline to the area of ​​93.75 (Murrey level [2/8]) and 90.62 (Murrey level [1/8]) is expected.

Technical indicators allow for a continuation of the upward dynamics: Bollinger Bands and Stochastic are directed upward, and the MACD histogram is stable in the positive zone.

Support and resistance

Resistance levels: 100.00, 103.12, 106.25.

Support levels: 96.88, 93.75, 90.62.

Trading tips

Long positions may be opened from 100.60, with the targets of 103.12, 106.25, and stop loss of 98.60. Implementation period: 5–7 days.

Short positions may be opened below 96.88, with the targets at 93.75, 90.62, and stop loss 99.50.