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3M Co., Technical Analysis

11/30/2022 10:14 AM

Shares of 3M Co., an American diversified innovative manufacturing company, are trading in a corrective trend around 126.00.

On the daily chart, the price, having reached the resistance line of the global downward channel with dynamic boundaries 130.00–90.00, is getting ready to form a reversal.

On the four-hour chart, the quotes reached the Fibonacci 61.8% full retracement level at 132.00, strengthening the reversal signal. In favor of the possible development of downward dynamics, the formation of a local Head and shoulders pattern with the Neckline around ​​the base correction level of 38.2% Fibonacci around 124.00 signals.

Technical indicators have begun to slow the buy signal: fast EMAs on the Alligator indicator approach the signal line, and the AO oscillator histogram forms downward bars in the buying zone.

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