3M price is in a very tricky situation... On long term basis it failed its 5-year (260 weeks) uptrend test by falling below the 1st upper standard deviation from 5-year mean. It's 10-year uptrend is still intact, as price is trading above upper 1st standard deviation from 10-year (520 weeks) mean. On short term price is in downtrend on quarterly basis (below 1st...
Last week's bullish scenario lead 3M to the resistance zone mentioned in the newsletter. Now it is a test for both bulls and bears. Will the bearish setup play out this week or will the bulls push 3M to new high? Check out the complete analysis on this week's newsletters - marketzone.tumblr.com Subscribe to the Weekly Markets Analysis newsletters here -...
Following a fake out (breakout rejection) from a bearish rising wedge. A Parabolic switch will trigger long positions. Open 3 positions for the two main targets on confirmation with an additional position for continuation. Move stops to protect positions once price has cleared them. Good Luck!
It is high time we look at 3M chart again. Last time I analysed it in November 2014. The gauge was caught in the middle between the support level of a rising trend of October 2011 and the 261.8% Fibonacci resistance level against a fall from October 2007 to April 2009. On the monthly chart, the situation is virtually unchanged, the risk/reward ratio is equal both...