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3M Co., Technical Analysis

1/20/2023 10:05 AM

Shares of 3M Co., an American diversified innovative manufacturing company, are trading within a corrective trend at 118.00.

On the daily chart, the price started to decline after reaching the resistance line of the global downward channel with dynamic boundaries at 127.00–83.00.

On the four-hour chart, it can be seen that the reversal is already almost fully formed, and the quotes only need to consolidate below the low at the beginning of the month, around 118.00. If the decline continues, the key support will be the 61.8% initial Fibonacci extension trend level, which coincides with last year's low of 105.80.

Technical indicators reverse and prepare to give a sell signal: fast EMAs on the Alligator indicator approach the signal line, and the AO oscillator histogram forms downward bars, reaching the transition level.

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