3M CompanyShort
3M Monthly Chart Signaling Further Downside
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.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.