3M Co.: Technical Analysis
| situation | |
|---|---|
| Time frame | Weekly |
| Introduction | SELL STOP |
| Entry point | 125.00 |
| Make Profit | 114.00 |
| Stop Loss | 128.00 |
| Key Levels | 114.00, 115.00, 125.00, 128.00, 132.00, 142.00 |
| Alternative scenarios | |
|---|---|
| Introduction | BUY STOP |
| Entry point | 132.00 |
| Make Profit | 140.00 |
| Stop Loss | 128.00 |
| Key Levels | 114.00, 115.00, 125.00, 128.00, 132.00, 142.00 |
Shares of 3M Co., an American diversified manufacturing and innovation company, are trading sideways at 128.00.
On the daily chart, the price is moving significantly below the support line of the ascending channel, with a dynamic range of 142.00–132.00.
On the four-hour chart, the price has broken out of the range and tested the support line at 132.00 from below. The key support area is the recent low at 124.00 and after breaking it, the price may reach the level of 115.00.
Technical indicators still bearish sell signal : Fast EMA on Alligator indicator is below signal line, keeping narrow volatility range, and AO histogram is forming correction bar in negative zone.
Trading Tips
Short positions can be opened after the price drops and consolidates below 125.00 with a target of 114.00. Stop loss — 128.00. Execution period : 7 days or more.
Long positions can be opened after the price increases and consolidates above 132.00 with a target of 140.00 stop loss — 128.00.
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