MMM has entered a downtrend on its monthly time frame.
Downtrend was confirmed with a lower high in June of 2021, followed by a retest of strong support at 108 a share (which is also where the 200-day SMA currently sits).
3M may get a short-term bounce due to oversold reads on indicators, but this stock is clearly in a downtrend. The next big move in the medium term will be to the 62-69 support zone. Notice how there's virtually no support between 108-69.
Good luck! This is not financial advice.
Downtrend was confirmed with a lower high in June of 2021, followed by a retest of strong support at 108 a share (which is also where the 200-day SMA currently sits).
3M may get a short-term bounce due to oversold reads on indicators, but this stock is clearly in a downtrend. The next big move in the medium term will be to the 62-69 support zone. Notice how there's virtually no support between 108-69.
Good luck! This is not financial advice.