Current trend

Shares of 3M Co., an American diversified innovative manufacturing company, are moving within a long-term upward trend, trying to start a decline since the middle of last month. Now, the price is testing the middle line of Bollinger Bands 131.25 (Murrey level [2/8]), consolidation below which will allow it to leave the downwards channel and return to the area of ​​125.00 (Murrey level [8/8]) and 118.75 (Murrey level [–2/8]). In case of consolidation above the central mark of the Murrey trading range 137.50 (Murrey level [4/8]), which has already been tested many times, growth to the area of ​​143.75 (Murrey level [6/8]) and 150.00 (Murrey level [8/8]) may follow.

Technical indicators maintain a sell signal: Bollinger Bands and Stochastic are reversing downwards, and the MACD histogram is stable in the negative zone.

Support and resistance

Resistance levels: 137.50, 143.75, 150.00.

Support levels: 131.25, 125.00, 118.75.

Trading tips

Short positions may be opened below 131.25, with the targets at 125.00, 118.75, and stop loss 135.50. Implementation period: 5–7 days.

Long positions may be opened from 137.50, with the targets at 143.75, 150.00, and stop loss 132.90.