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3M Co., Technical Analysis

11/3/2022 11:06 AM

The shares of 3M Co., an American diversified innovative manufacturing company, are moving in a corrective trend around 116.00.

On the daily chart, the price rises within the global channel with dynamic boundaries 136.00–100.00. Given that the base correction level of 38.2% Fibonacci at 124.00 was reached, the growth may continue.

On a four-hour timeframe, it can be seen that after breaking through the 124.00 mark, the nearest resistance for quotes is the 50.0% Fibonacci intermediate correction level at 130.00, consolidation above which will allow the asset to reach the main target near the channel resistance line at 142.00.

Technical indicators reversed and gave a buy signal: fast EMAs on the Alligator indicator are above the signal line, and the AO oscillator histogram entered the buy zone.



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