There is a H & S pattern forming with 3M. It looks to have started back in Nov, and if it continues to shape out we would need to see a break of the neckline around $126. Based on how this pattern we can predict future price to drop to around $112 in the next 2-4 months.
There is nothing much I can say but I will try to say a few things.
First of all, 3M company is one of the strongest companies in the DOW Industrial average, you can see that by plotting the Dow on the chart.
Swing trading works very nice on this stock, breakout trading too.
We had a retest of the previous resistance, now support. At this level we had an...
3M Co (NYSE:MMM) has been crushed over the last couple days. While many are too scared to step up for a swing trade, I am watching the daily 50 moving average and the $124.70 level. Should this point be hit today or tomorrow (only), a long swing trade is likely to pay profits. Look for a $2.00-$3.00 bounce should the $124.70 level be tagged.
Gareth Soloway
Chief...
MMM is in a very well defined uptrend and is currently overbought according to support and resistance and stochastics. Am waiting for a dominant bearish candle and/or the stochastics to cross below the 80 line.
Options: sell short, call credit spread, put debit spread, buying a put.
Pay close attention as the .886 must continue to hold as resistance. If this level fails to hold resistance, get long.
Short term short targets are the .618 and .50 fib levels posted.
