M made a new-year low at 29.94 (May 23, 2016) before consolidating. The level could hold medium-term since it is near the 61.8% key retracement of the 2009-2015 (5.07/73.61) upswing. Currently, M is ranging below the 200 day moving average (at 37.68) within a 10-month . If the 37.68/38.48 caps the recovery, the stock will likely retest the 34.31 support.
However, a decisive upside break above the 38.48 resistance and then 40.98 (August 16, 2016 prior lower high) would confirm channel breakout and turn the structure . The upside target then will be 45.50 (March 18, 2016 YTD high).