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3M Co., Technical Analysis
2/1/2023 10:18 AMThe shares of 3M Co., an American diversified innovative manufacturing company, are trading in a corrective trend at 115.00.
On the daily chart, the price is correcting after reaching the resistance line of the global downward channel with dynamic boundaries 127.00–83.00, forming a downward wave.
On the four-hour chart, the reversal is fully formed, and the quotes, having broken the local low of the previous wave at 118.00, are preparing to consolidate below the key support level of 106.00, which is the last year's low.
Technical indicators reversed and gave a stable sell signal: fast EMAs on the Alligator indicator are moving away from the signal line, and the AO histogram is forming downward bars, falling in the sell zone
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