MMM "3M" is a Dividend King. They have increased or remained dividend level for 56 consecutive years.
Heavily oversold on the daily.
Cup and handle forming on the monthly.
Blue and Grey sky movement through the period of consolidation from historical reference.
3 Month Target $195.
6-12 month Target $220
3M IS NEAR THE TOP OF THE LIST OF COMPANIES WHO NEEDS A TRADE DEAL WITH CHINA SWIFTLY. THE RECENT EARNINGS REPORT HIGHLIGHTED THE DIFFICULTIES 3M IS HAVING WITH CHINA AND THE IMPACT OF TRADE WORRIES.
THE STOCK HAS NOW SOLD OF 20% POST EARNINGS, WITH ANOTHER 20% POSSIBLE IF WE DO NOT GET A DEAL/TRUCE TODAY. POSITIVE NEWS COULD SEND THIS SOARING 20% IN A FEW DAYS...
MFI showing strong oversold levels. The distance between MA line and Bollinger Bands leads me to believe there is room for further pullback.
Fib Retracement Levels support this hypothesis, though the pullback could stop at the cyan line, a very strong level of support.
Once bounce occurs, short run ending at .618 Fib Line. Possibility Ichimoku Cloud changes and...
Shares of MMM look to be forming an inverse H&S pattern that looks it could be a favorable setup for the bull camp. It's deeply oversold with an R.S.I. reading of 22.9 and is holding the neckline support, so I think it's headed higher.
Shares are in the buy zone right now at $185, which is the neck of the pattern. Look for minor resistance around the gap down at...
W1 - Price is at the top of the range.
D1 - Bullish cycle, bearish divergence.
H4 - Bearish divergence, if the price moves lower and breaks below the low shown in the chart, we may then start looking for sells with more bearish evidences.
People forget this is a dividend stock not just a swing stock. As for the tech entry-178-180 | stopL 174
Profits 1/2 199-201
They have some restructuring to do but once that's settled they can focus on their Acelity Purchase. This company makes a product that closes complex wounds and has lots of ancillary applications. They are far from done.
After disappointing profit forecasts 3M suffered massive fall in stock prices. Now retesting a key weekly trend line. Offers a great risk-reward to buy near a loading zone and get on the train with the rest of the buyers, as long as the zone holds.
3M general trend is still bullish but in order for a greater rally ahead, the market is currently showing signs of bearish correction.
- RSI showing strong bearish divergence.
- two potential demand zone spotted at 38.2% and 61.8% of the Fibonacci retracement.
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...
MMM Bullish Shark
Time Frame: 240
Predicted Direction: long
I will order pending buy stop at @192.11
MMM updates will be available in the comments section below.
The brief trade analysis presented above is my predicted direction and requires multiple different indicators and confluence factors prior to validating a trade...