| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 98.87 |
| Take Profit | 96.88, 93.75 |
| Stop Loss | 100.40 |
| Key Levels | 93.75, 96.88, 103.12, 106.25, 109.38 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 103.15 |
| Take Profit | 106.25, 109.38 |
| Stop Loss | 101.30 |
| Key Levels | 93.75, 96.88, 103.12, 106.25, 109.38 |
Current trend
Shares of 3M Co., an American diversified innovation and manufacturing company, have been steadily declining since the end of last month.
The price reversed from the upper border of Murrey’s trading range around 112.50 (Murrey’s level [8/8]) and went into its negative part, dropping below 100.00 (Murrey’s level [4/8]). Further development of negative dynamics is possible to 96.88 (Murrey level [3/8]) and 93.75 (Murrey level [2/8]). The key “bullish” level is 103.12 (Murrey level [5/8]), supported by the middle line of Bollinger bands, after which breakout, the growth to 106.25 (Murrey level [6/8]) and 109.38 (Murrey level [7/8]) may resume.
Technical indicators confirm the continuation of the downward trend: Bollinger bands are reversing downwards, and the MACD histogram is increasing in the negative zone. Stochastic growth does not rule out a correction to 103.12 but is unlikely to change the current trend.
Support and resistance
Resistance levels: 103.12, 106.25, 109.38.
Support levels: 96.88, 93.75.
Trading tips
Short positions may be opened from the current level with the targets at 96.88, 93.75 and stop loss around 100.40. Implementation period: 5–7 days.
Long positions may be opened above 103.12 with the targets at 106.25, 109.38 and stop loss around 101.30.
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