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3M Co., Technical Analysis

8/3/2022 11:46 AM

The shares of 3M Co., an American diversified innovative manufacturing company, are trading in an uptrend, around 141.00.

On the daily chart of the asset, the price is moving in a stable downward channel with dynamic boundaries of 120.00–150.00, and within the ascending wave, it almost reached the resistance line levels around 150.00.

On the four-hour chart, the quotes returned to the recent local corridor with the boundaries of 130.00–152.00, within which they may remain soon. The key resistance for the upward momentum is the global high at 153.00, which coincides with the resistance line of the downwards channel.

The likely continuation of the growth is also confirmed by the readings of technical indicators that have long reversed and hold a stable buy signal: fast EMAs on the Alligator indicator are significantly above the signal line, and the AO oscillator histogram forms bars with an upward trend in the buying zone.




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