In this January bullish market, bear flag breakdowns have mostly led to flat lines rather than massive drops, but given 3M's China business, and a week already full of dismal earnings reports, it can be expected that this bear flag will play out as a minor decline in the short-term stock price. There is fresh demand in the low to mid 180's, and even if it falls below our target of 187 (very possible), it will likely bounce back into a mid-range demand zone.
I'd short it with or without earnings tomorrow.
I'd short it with or without earnings tomorrow.
Comment:
Barely beat but lowered guidance. They liked it enough to pop it out of the bear wedge. Still holding short because I believe this will follow a pattern similar to that of TTWO. Just needs more time.
Comment:
Coming back down to earth (50dma). How it responds to that level will tell us whether the idea has merit or not.
Trade closed: stop reached:
Now has 200dma support. Sadly, this one was a big #fail.