Current trend
Shares of 3M Co., an American diversified innovation and manufacturing company, were actively rising this month: the price reversed at 90.62 (Murrey level [1/8]), entered the positive part of Murrey’s trading range, and reached 109.38 (Murrey level [7/ 8]), tested at the beginning of the year. The quotes were unable to overcome it and fell below the pivot point of 106.25 (Murrey level [6/8]), after which they can reach the central mark of the trading range of 100.00 (Murrey level [4/8]), supported by the middle line of Bollinger Bands. A consolidation above the key “bullish” level will allow the price to grow to the area of 112.50 (Murrey level [8/8]), 115.62 (Murrey level [ 1/8]), and 118.75 (Murrey level [ 2/8]).
Technical indicators reflect the upward trend in the market: Bollinger bands are directed upward, and the MACD histogram is increasing in the positive zone, while Stochastic is directed downward, not excluding a limited correction.
Support and resistance
Resistance levels: 109.38, 112.50, 115.62, 118.75.
Support levels: 100.00, 96.88, 93.75.
Trading tips
Long positions may be opened above 109.38 or after a reversal at 100.00, with the targets at 112.50, 115.62, 118.75, and stop losses at 107.10 and 97.75, respectively. Implementation time: 5–7 days.
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