Solid News

3M Co., Technical Analysis

9/1/2022 11:20 AM

The shares of 3M Co., an American diversified innovative manufacturing company, are trading within a downtrend around 124.00.

On the daily chart, an attempt to consolidate in the uptrend was unsuccessful, and the price returned to the previously broken downward channel with dynamic boundaries of 90.00–130.00, consolidation below the resistance line around 127.00.

On the four-hour chart, it can be seen that the downward momentum has a high potential for continuation, as the quotes consolidated below 126.00 and renewed the year’s low. Thus, there are no serious obstacles on the way of the decline, and only 110.00 can act as the nearest support.

Technical indicators have reversed and are holding a stable sell signal: fast EMAs on the Alligator indicator are well below the signal line, and the AO oscillator histogram is forming bars with a downtrend in the sell zone.

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