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3M Co., Technical Analysis

2/14/2023 10:30 PM

The shares of 3M Co., an American diversified innovative manufacturing company, are trading within a corrective trend at 115.00.

On the daily chart, the price is holding near the support line of the local downwards channel with dynamic boundaries of 110.00–126.00.

On the four-hour chart, the probability of further decline and consolidation of quotes below the support line around 112.00 is quite high, and after that the low of last year around 107.00 will be the nearest target. If the upward correction continues, it may reach the upper border of the channel at 126.00.

Technical indicators give a 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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