3M Company (MMM) | Technically ready!

NYSE:MMM   3M Company
3M Company (MMM)

3M is a multinational conglomerate that has operated since 1902, when it was known as Minnesota Mining and Manufacturing. The company is well known for its research and development laboratory and it leverages its science and technology across multiple product categories.

As of 2020, 3M is organized into four business segments: safety and industrial, transportation and electronics, healthcare, and consumer. Nearly 50% of the company's revenue comes from outside the Americas, with the safety and industrial segment constituting a plurality of net sales. Many of the company's 60,000-plus products touch and concern a variety of consumers and end markets.

A quite good dividend stock has arrived at the destination, hopefully :)
MMM has come down from its all-time high of more than 60%. So, to buy this you need to make also a bit of work with fundamentals but technically, as said, it has arrived inside a possible buying zone.

The technical criteria are:
1. Old resistance back in 2004 to 2012, starts to act as a support level. Yes, you can and actually you have to look back as far as possible to determine the strongest areas on the chart. The world has changed but human psychologic is still the same!
2. Mentioned many times that you have to keep an eye on the round numbers. Here is also the round number $100 and it matches with other criteria.
3. Channel projection, white lines. Typically the price moves inside the channels and sometimes it helps to find a decent support level. Currently, the projection runs nicely through the optimal buying zone.
4. Equal waves (AB=CD) and the D point, which completes the pattern, staying inside the buying zone.
5. All-time Fibonacci Golden ratio 62%. Basically draw from an all-time low to an all-time high and the Golden ratio is also there to add a bit of strength to the possible reversal area.

Technically an optimal buying zone could be $80 - $102

First targets $135-$150

Good luck!


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