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3M Co., Murrey Analysis

11/23/2022 3:04 PM

Shares of 3M Co., an American diversified innovative manufacturing company, rose for the second month in a row but last week reversed from the upper limit of the central Murrey channel 131.25 ([5/8]) and corrected down to the central level of the trading range 125.00 ([4/8]), supported by the middle line of Bollinger bands. This level was quite serious, and quotes failed to break below it. The level of 131.25 is the key “bullish” one, and consolidation above it will lead to a resumption of growth to 137.50 ([6/8]) and 150.00 ([8/8]). The breakdown of 125.00 will give the prospect of renewed decline to 118.75 ([3/8]) and 112.50 ([2/8]).

Technical indicators reflect that the uptrend is continuing: Bollinger bands and Stochastic are reversing upwards, while the MACD histogram is stable in the positive zone.

Resistance levels: 131.25, 137.50, 150.00. | Support levels: 125.00, 118.75, 112.50.

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