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3M Co., Technical Analysis

12/30/2022 10:12 AM

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

On the daily chart, after reaching the resistance line of the global downward channel with dynamic boundaries 125.00–81.00, a reversal forms.

On the four-hour chart, it can be seen that a reversal signal has already been received using the implementation of the Head and shoulders pattern, the Neckline of which is at 123.60. At the moment, the quotes have already worked out the signal, and the movement to the target level of 107.00 throughout the wave of decline is no longer limited.

Technical indicators have already reversed and are holding a stable sell signal: fast EMAs on the Alligator indicator are again moving away from the signal line, and the AO oscillator histogram, having moved into the sell zone, continues to form downward bars.

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