MMM trade ideas
Awaiting a retrace to key support levelA beautiful level has been gained recently in march 2021 and moved up creating a new high. Looking back on the chart this is a key level in the for 3M during the last few years: the high in august 2016 tested it and found resistance, in the beginning of 2017 the level was gained, tested as support twice with lows in the end of 2018, lost the level again in 2019 and then tested it twice again as resistance with the high in 2019 and the also with the pre-corona high. It would make sense to test this level again as support, and make a good entry point before moving further up towards the high range of 2018-2018 around 217$
The analysis above is not financial advice by any means, it's purpose is merely providing educational value tho those who are interested in learing about technical analysis
$MMM with a Neutral outlook following its earnings #Stocks The PEAD projected a Neutral outlook for $MMM after a Negative over reaction following its earnings release placing the stock in drift C
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Understanding the Bullish Area on MMMUnderstanding the Bullish Area on MMM
- On MMM, the price has broken a key resistance zone (now working as support), and we want to find similarities to previous situations to project possible scenarios.
- We can see that every time the price either bounce on the zone or broke it from below, we had a bullish movement towards the next resistance zone.
- The % we expect from the beginning of the movement is 19%. The expected duration of the movement is between 100 and 250 days
- During the movement, we can expect corrections to provide good entry levels to catch some % of the 19% expected movement.
Thanks for reading!
Bullish on 3M: +3.51%3M Company rallied this month, gaining 10% and breaking its 52-week high.
It’s one of the companies we always follow at Cindicator and regularly post questions to Hybrid Intelligence.
Based on the recent volatility, we asked a question with the following targets:
“The shares of 3M Company (MMM) settled at 193.10 USD at 08:00 PM UTC on Thursday, March 25. Will MMM trade above 199.88 USD (+3.51%) earlier than trading below 186.32 (-3.51%)? (forecast 51-100% - bull scenario. 0-49% - bear scenario)”
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Assurance: 80%
This suggests that Hybrid Intelligence sees a higher likelihood of the upward trend continuing before any correction.
3M Company (MMM)3M reported better-thanexpected sales and earnings, the top line increased 4.5% (ahead of our 2.7% estimate), but costs pulled the bottom line down 10.6% from the previous-year tally. The stock continues to trade at a discount to multiyear highs and offers worthwhile risk-adjusted 3- to 5-year total return potential at this juncture.
MMM on the way to new ATH? Why you want to be long - MMM came up in new trend in 2016. and made ATH 2 years later in 2018., after he fell on support line on 2020. due to the corona crisis
As we can see It was take 2 years from support to the resistance levels and again to support. We are coming in 1/4 of year and MOM is a halfway to ATH .
What we need to do now is looking will MMM get on ATH level a little bit faster than previous years, or maybe we will get some correction before reaching ATH .
But in short period PT maybe will be at Fibos. approx. $205. with "HH" and "HL" and creating new ascending triangle before next movements.
Thank you for reading my analysis, give some support to the new TA trader with press like button and leaving some comments :)
NYSE:MMM
3M earnings tomorrow at 6:30am3M earnings tomorrow at 6:30am. My range is $163 low, $171 mid, $179 high.
4th Quarter December 2020
Consensus =
EPS: $2.19
Revenue: $8.49 Billion
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