$MMM 3M Co. - Long Term Bull Flag, Bullish Options Activity
3M slowly approaching a break out of a long term bull flag pattern on the weekly chart. Monitor for a close above $171.
Bullish Options Activity:
$5.3 M in $165.00 strike (ITM) Dec'20 calls traded today (18x OI)
$3.9M in $170.00 strike (OTM) Dec'20 calls traded today (8x OI)
Medium term target: $182.00...
3M has a bullish cup and handle pattern in play. Two double bottoms were formed in the handle this week on October 13th and October 15th. The stock is now near the resistance line and looks ready to run into a new trading range. Start with a 25% position and scale it up if the bullish pattern is confirmed by a continued upward movement in the stock price.
Today we have a short setup to take; here, we will show a full explanation of it.
a) Before understanding this idea, we should take a look at the Daily chart
-The price reached a major reversal zone composed of a Daily descending trendline and a resistance zone
-Based on that, we can see substantial bearish potential...
I have posted a chart for this company few weeks back. MMM to me looks very intersting. Downtrend from 2018 is being broken after a long consolidation. Price just broke out of it today in a market down day. High volume. Trend indicators are showing momentum.
Good company with fundamentals trying to turn around. F/PE not so attractive. But EPS expected to grow next...
Beautiful Medium term downtrend which was a correction when you see a larger picture is now broken after the consolidation. this new trend before the breakout started with completion of a Fib retracement. My only worry is I see market coming down for next few days which may impact on the strength of this stock. No matter what 3M is a good name. Would love to own...
I expect a impulse price rally up to the Quarter Level(Accumulation of Buystop) and a price consolidation(Manipulation) before price is finally been delivered to the Sellside(Distribution). Price returns to a Discount for the smart money to buy more from willing and unwilling sellers at a DISCOUNT.
$MMM Has gapped down off of earnings and is trending down. It pulled back intraday to the .382 Fib Retracement level and stalled today at the .618 Fib Extension. Looking to get one more push to the downside at least to complete AB=CD pattern. It could push further though.
El precio liquido los bajos semanales (STOP HUNT) confirmando la segunda pata de la W
Acutualmente el precio se encuentra sesarrolando el primer impulso y tengo 2 entradas en el 61% Y 100% del fiboonnacci
En graficos menores hay una rumpura de la linea de tendencia bearish , que es una confluencia mas.
Y tambien tenemos la divergencia con el TDI .