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3M Co., Technical Analysis

11/14/2022 10:31 AM

The shares of 3M Co., an American diversified innovative manufacturing company, are trading near 133.00.

On the daily chart, the price is correcting as part of the development of the Head and shoulders reversal pattern. Since the quotes have overcome the 50.0% Fibonacci intermediate correction level at 130.00, the growth may continue.

On the 4-hour chart, the pattern is still working out, and the Fibonacci 61.8% full retracement level at 135.00 is only an intermediate obstacle. Nevertheless, the global trend is downwards, and the possibility of a decline is not excluded if the asset consolidates below the intermediate correction level around 130.00.

Technical indicators keep a stable buy signal: fast EMAs on the Alligator indicator are above the signal line, and the AO oscillator histogram forms upward bars in the buying zone.

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