| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL STOP |
| Entry Point | 90.90 |
| Take Profit | 84.60 |
| Stop Loss | 93.00 |
| Key Levels | 84.00, 84.60, 90.90, 93.00, 94.00, 106.00, 110.00 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 96.60 |
| Take Profit | 106.00 |
| Stop Loss | 93.00 |
| Key Levels | 84.00, 84.60, 90.90, 93.00, 94.00, 106.00, 110.00 |
Shares of 3M Co., an American diversified innovation and manufacturing company, are trading at 94.00.
On the daily chart, the price continues its correction, which is part of the global sideways corridor 110.00–84.00.
On the four-hour chart, many price gaps follow the movement, which makes it difficult to conclude the local direction. The last of them, 94.00–106.00, formed yesterday, and today, it will be clear whether the quotes will work it out or continue to decline towards the global support line of 84.00. If it is worked out, the target will be the resistance level of 106.00.
Technical indicators hold a buy signal, but due to low liquidity, their signal is not very informative: fast EMAs on the Alligator indicator are above the signal line, and the AO histogram forms corrective bars, falling in the buy zone.
Trading tips
Short positions may be opened after the price declines and consolidates below 90.90, with the target at 84.60. Stop loss – 93.00. Implementation period: 7 days or more.
Long positions may be opened after the price rises and consolidates above 96.60, with the target at 106.00. Stop loss – 93.00.
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