3M Co. (MMM/NYSE): general analysis
29 March 2018, 12:14
| Scenario | |
|---|---|
| Timeframe | Intraday |
| Recommendation | SELL STOP |
| Entry Point | 214.90 |
| Take Profit | 205.00, 200.00 |
| Stop Loss | 220.00 |
| Key Levels | 209.00, 215.00, 221.00, 228.00, 234.00 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 221.10 |
| Take Profit | 230.00, 234.00 |
| Stop Loss | 216.00 |
| Key Levels | 209.00, 215.00, 221.00, 228.00, 234.00 |
Current trend
Since the middle of March, 3M Company stocks lost more than 10% and renewed the 3-month minimum at the level of 215.36 USD at the end of the last week. The decrease is due to the correlation with the market, as S&P 500 and DJIA indices decreased by 6.5% and 5.8% correspondingly.
Business unit 3M Company in the food safety sector presented the renewed range of products for testing poultry production. Also, the company reported that the food safety production is presented in 40 countries.
During the last week, 3M Company decreased by 7.52% against the fall of S&P 500 index 3.93%.
Support and resistance
During the last two weeks, the “bearish” moods prevail. The price is consolidation now. The key trading range is 215.00–221.00. The correction can develop further. The indicators reflect the strength of sellers: the price consolidated below МА (50) and МА (200); MACD is in the negative zone. However, it is better to open the positions from the key levels.
The comparative analysis of the indicators of the company and its competitors suggests the neutrality of its share prices.
Resistance levels: 221.00, 228.00, 234.00.
Support levels: 215.00, 209.00.
Trading tips
Short positions can be opened after the price is set below the level of 215.00 with the targets at 205.00–200.00. Stop loss is 220.00.
Long positions can be opened after the price is set above the level of 221.00 with the targets at 230.00–234.00. Stop loss is 216.00.
Implementation period: 3 days.
Since the middle of March, 3M Company stocks lost more than 10% and renewed the 3-month minimum at the level of 215.36 USD at the end of the last week. The decrease is due to the correlation with the market, as S&P 500 and DJIA indices decreased by 6.5% and 5.8% correspondingly.
Business unit 3M Company in the food safety sector presented the renewed range of products for testing poultry production. Also, the company reported that the food safety production is presented in 40 countries.
During the last week, 3M Company decreased by 7.52% against the fall of S&P 500 index 3.93%.
Support and resistance
During the last two weeks, the “bearish” moods prevail. The price is consolidation now. The key trading range is 215.00–221.00. The correction can develop further. The indicators reflect the strength of sellers: the price consolidated below МА (50) and МА (200); MACD is in the negative zone. However, it is better to open the positions from the key levels.
The comparative analysis of the indicators of the company and its competitors suggests the neutrality of its share prices.
Resistance levels: 221.00, 228.00, 234.00.
Support levels: 215.00, 209.00.
Trading tips
Short positions can be opened after the price is set below the level of 215.00 with the targets at 205.00–200.00. Stop loss is 220.00.
Long positions can be opened after the price is set above the level of 221.00 with the targets at 230.00–234.00. Stop loss is 216.00.
Implementation period: 3 days.
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