MMM has entered a downtrend on its monthly time frame.
Downtrend was confirmed with a lower high in June of 2021, followed by a retest of strong support at 108 a share (which is also where the 200-day SMA currently sits).
3M may get a short-term bounce due to oversold reads on indicators, but this stock is clearly in a downtrend. The next big move in the medium term will be to the 62-69 support zone. Notice how there's virtually no support between 108-69.
I'd check the daily chart for better support resistance. It has just broke of a descending wedge (bullish pattern) CMF and MACD both give positive confluence for this also.
biggriz
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Dude, you have 6 spots on graph where these exact resistance held. 100-110. Why do you think it will break it downwards ? Even if it will, it will due to indexes dumping for just 2 weeks to a month ( pandemic event or whatever ). Price now equals to price of 2014. I don't see what is so sexy to short when it's already low. Considering it's a giant company with long years behind the belt, not some tilray or something. Elaborate please.
Gooby_Trades
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@biggriz, These are just my thoughts, totally normal to disagree with someone else's perspective. This post was meant as purely a technical take on 3M, so the fundamental's of 3M's business didn't play a role in my analysis. I think 3M will break below strong support of 100-110 zone and I think the lower high from July of 2021 supports that prediction.
biggriz
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@Gooby_Trades, Oh well. Time will tell. I ll chime in a year or two :)