Current trend

Shares of 3M Co., an American diversified innovation and manufacturing company, are trading in a correction trend at 135.00.

A new hearing protection 3M WorkTunes Connect Solar headset, the first wireless Bluetooth headset with solar batteries, will soon go on sale. The device is charging continuously from any light source both outdoors and indoors. On Amazon.com, its price will be 169.99 dollars. The development of relatively new directions is part of the strategy to bring the corporation out of the crisis after reorienting itself to the production of personal protective equipment during the COVID–19 epidemic. The company has not been able to achieve stable performance, and the amount of quarterly revenue barely exceeds 6.0B dollars, while in 2021–2022, it reached 9.0B dollars.

The financial report is due on October 22. Revenue may amount to 6.06B dollars compared to 8.02B dollars a year earlier, and profit per share — 1.9 dollars, significantly lower than 2.68 dollars, respectively. On September 12, investors received dividends of 0.70 dollars per share or 2.8 dollars YoY, and the quarter yield was 2.14%, which is almost the only positive factor.

Support and resistance

On the daily chart, the trading instrument forms an ascending channel with dynamic boundaries of 144.00–132.00.

Technical indicators slow down the buy signal: the AO histogram forms correction bars, and the fast EMAs of the Alligator indicator are moving away from the signal line.

Resistance levels: 139.00, 152.00.

Support levels: 131.70, 119.30.

Trading tips

Long positions may be opened after the price rises and consolidates above 139.00, with the target at 152.00 and stop loss 133.00. Implementation period: 7 days or more.

Short positions may be opened after the price falls and consolidates below 131.70, with the target at 119.30. Stop loss — 136.00.