3M price is in a very tricky situation...
On long term basis it failed its 5-year (260 weeks) uptrend test by falling below the 1st upper standard deviation from 5-year mean. It's 10-year uptrend is still intact, as price is trading above upper 1st standard deviation from 10-year (520 weeks) mean.
On short term price is in downtrend on quarterly basis (below 1st...
Last week's bullish scenario lead 3M to the resistance zone mentioned in the newsletter.
Now it is a test for both bulls and bears.
Will the bearish setup play out this week or will the bulls push 3M to new high?
Check out the complete analysis on this week's newsletters - marketzone.tumblr.com
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Following a fake out (breakout rejection) from a bearish rising wedge. A Parabolic switch will trigger long positions.
Open 3 positions for the two main targets on confirmation with an additional position for continuation. Move stops to protect positions once price has cleared them.
Good Luck!
It is high time we look at 3M chart again. Last time I analysed it in November 2014. The gauge was caught in the middle between the support level of a rising trend of October 2011 and the 261.8% Fibonacci resistance level against a fall from October 2007 to April 2009. On the monthly chart, the situation is virtually unchanged, the risk/reward ratio is equal both...
This may sound somewhat unbelievable, but many of the things that make our daily life easier were invented at this company – 3M. For this reason, at Warren Buffett’s behest, every self-respecting trader should watch for and purchase 3M equities, whose goods and services we all use.
But what is the motivation for buying into 3M? Multiyear upside in these shares...
MMM has periods where it trends really well. But this year there have been two deep pullbacks which would've stopped most trend traders out of their buy positions.
Since price broke above the September pivot high the candles have not been overly convincing. There was a gap up on 31st October but it was a doji, followed by a gravestone doji, which did not inspire...
MMM, like TGT ascending triangle on descending volumes.
Not confirmed yet.
If it breaks resistance B-D, could continue
its uptrend.
Target is 152.33$.
Waiting for confirmation.
Distribution appears to be taking place in the daily time frame as a triple top as formed, and about to test support gained for the third time. Monthly, and weekly charts are also beginning to show possible signs of momo death. These are the swing target areas I'm interested in once 143 fails.
Position Break out wave 3
Daily chart above 2 days 140,43 next target wave 3 144,49 end correction 138,80 wave 4 the next target 150,82 the wave 5 end close posisitio
Thanks end good luck
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.
