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3M Co., Technical Analysis

12/21/2022 10:15 AM

Shares of 3M Co., an American diversified innovative manufacturing company, are trading at 120.00.

On the daily chart, the price is correcting, and having reached the resistance line of the global downward channel with dynamic boundaries of 128.00–85.00, it begins to form a reversal.

On the four-hour chart, it can be seen that the reversal signal is strengthened by the presence of a local Head and shoulders trend reversal pattern, the Neckline of which is at 124.00 and has already been passed. Although the run-off target is in the 115.00 area, global support is at the year’s low of 105.80, coinciding with the initial 61.8% Fibonacci extension trend level.

Technical indicators confirm the decline: fast EMAs on the Alligator indicator crossed the signal line downwards, and the AO oscillator histogram forms downward bars in the sell zone.

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