3M CO.: TECHNICAL ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL STOP |
| Entry Point | 90.20 |
| Take Profit | 82.20 |
| Stop Loss | 95.00 |
| Key Levels | 82.00, 90.00, 93.00, 95.00, 102.80, 106.00, 110.00 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 95.50 |
| Take Profit | 102.80 |
| Stop Loss | 93.00 |
| Key Levels | 82.00, 90.00, 93.00, 95.00, 102.80, 106.00, 110.00 |
Shares of 3M Co., an American diversified innovation and manufacturing company, are trading at 93.00.
On the daily chart, the price is correcting within the sideways corridor of 110.00–82.00.
On the four-hour chart, price gaps follow the movement, the last of which was between 90.00 and 106.00. Now, the asset is trying to work it out, and if successful, the target will be the resistance level of 106.00. However, most markers indicate that the price will continue the downward dynamics, reaching 82.00.
Technical indicators are holding a sell signal: fast EMA on the Alligator indicator is below the signal line, and the AO histogram is forming corrective bars, falling in the sale zone.
Trading tips
Short positions may be opened after the price declines and consolidates below 90.20, with the target at 82.20. Stop loss – 95.00. Implementation period: 7 days or more.
Long positions may be opened after the price rises and consolidates above 95.50, with the target at 102.80. Stop loss – 93.00.
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