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3M Co., Technical Analysis
2/27/2023 10:06 AMThe shares of 3M Co., an American diversified innovative manufacturing company, are trading in a corrective trend at 108.00.
On the daily chart, the price is holding near the support line of the local downwards channel with dynamic boundaries of 103.00–120.00.
On the four-hour chart, the probability of consolidation below the support line at 106.00 is high, and if successful, the nearest target will be the 2012 low at 98.00, and in case of a reversal and an upward correction, it may reach the upper limit of the channel at 120.00.
Technical indicators maintain 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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