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3M Co., Murrey Analysis

8/25/2022 4:09 PM

The stocks of 3M Co. have been declining for the second week in a row, correcting for a short-term uptrend.

The price reversed downwards near the upper border of Murrey's main trading range at 150.00 ([8/8]) and dropped to the upper border of the central channel at 140.62 ([5/8]). After its breakdown, the asset will continue to decline within the central channel to the area of ​​137.50 ([4/8]), 134.38 ([3/8]), and 131.25 ([2/8]). The key "bullish" level is 146.88 ([7/8]), supported by the middle line of Bollinger bands, consolidation above, which will allow quotes to return to 150.00 ([8/8]), 153.12 ([+1/8]) and 156.25 ([+2/8]).

Technical indicators do not give a single signal: Bollinger bands reverse horizontally after the medium-term growth, the MACD histogram decreases in the negative zone, and Stochastic reverses downwards.

Resistance levels: 146.88, 150.00, 153.12, 156.25. | Support levels: 140.62, 137.50, 134.38, 131.25.

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