MMM trade ideas
3M Beginning to Lose SteamDistribution 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.
MMM - Up we go againThere 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 inverse hammer followed by a long day, volume not so good. Also, the pullback stopped at 38.2% fib.
Earnings are in 2 weeks so that shouldn't be a problem. Long on market open if there is no ugly gap down.
MMM Quick Money Making Trade Setup 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 Market Strategist
www.InTheMoneyStocks.com
