3M's net profit is up. What about its shares? 25/10/2023

BATS:MMM   3M Company
Earnings season continues in the US, and 3M reported its second consecutive increase in net profit, with 2.68 USD per share, which is higher than the company's or analysts' expectations.

In addition, the company is a dividend aristocrat. At the time of writing this text, the dividend yield of the company's securities was at 6.83%, significantly higher than the US average.

Therefore, it will be interesting to look at the 3M Co. (NYSE: MMM) stock chart today.

On the D1 timeframe, support has formed at 85.35, with resistance at 90.30. These levels are determined based on the price's highs and lows during the resulting downward trend. In addition, a "double bottom" trend change pattern has been formed. If the resistance level is broken through (the bar on D1 closes above 90.30), the stock price may rise to 108.37.

On the H1 timeframe, after resistance at 90.30 is broken through, the short-term target for the price increase is around 98.09; while in the medium term, it could reach 108.37.

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