3M Co. (MMM/NYSE): general analysis
24 May 2018, 12:29
| Scenario | |
|---|---|
| Timeframe | Intraday |
| Recommendation | SELL STOP |
| Entry Point | 196.90 |
| Take Profit | 193.00, 190.00, 186.00 |
| Stop Loss | 201.00 |
| Key Levels | 192.00, 197.00, 202.50, 206.50, 212.00 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 202.60 |
| Take Profit | 210.00, 214.00 |
| Stop Loss | 198.50 |
| Key Levels | 192.00, 197.00, 202.50, 206.50, 212.00 |
Current trend
Investment company Jefferies Financial Group downgraded the forecast for 3M Company shares, expecting a fall in its estimated value and the forecast price-earnings ratio. Since early 2018, 3M Company stocks fell by 15.59% against the growth of S&P 500 index by 2.24%. Jefferies Financial Group analysts consider that in the second half of this year and next year 3M Company will face growth problems in the segments of materials for electronic devices, medicine delivery, over-the-counter medicines, energy, and auto business.
During the last week, 3M Company decreased by 0.77% against the growth of S&P 500 index by 0.45%.
Support and resistance
The stocks are trading calm and mixed. Now the price is consolidating. The instrument is testing local support and resistance levels at 197.00 and 202.50, correspondingly. In the near future, the correction is not excluded. Indicators reflect the strength of sellers: the price consolidated below MA (50) and MA (200); MACD is in the negative zone. 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: 202.50, 206.50, 212.00.
Support levels: 197.00, 192.00.
Trading tips
Short positions can be opened after the price is set below the level of 197.00. The closing of the profitable positions is possible at the levels of 193.00, 190.00 and 186.00. Stop loss is around 201.00.
Long positions can be opened after the price is set above the level of 202.50 with the targets at 210.00–214.00. Stop loss is 198.50.
Implementation period: 3 days.
Investment company Jefferies Financial Group downgraded the forecast for 3M Company shares, expecting a fall in its estimated value and the forecast price-earnings ratio. Since early 2018, 3M Company stocks fell by 15.59% against the growth of S&P 500 index by 2.24%. Jefferies Financial Group analysts consider that in the second half of this year and next year 3M Company will face growth problems in the segments of materials for electronic devices, medicine delivery, over-the-counter medicines, energy, and auto business.
During the last week, 3M Company decreased by 0.77% against the growth of S&P 500 index by 0.45%.
Support and resistance
The stocks are trading calm and mixed. Now the price is consolidating. The instrument is testing local support and resistance levels at 197.00 and 202.50, correspondingly. In the near future, the correction is not excluded. Indicators reflect the strength of sellers: the price consolidated below MA (50) and MA (200); MACD is in the negative zone. 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: 202.50, 206.50, 212.00.
Support levels: 197.00, 192.00.
Trading tips
Short positions can be opened after the price is set below the level of 197.00. The closing of the profitable positions is possible at the levels of 193.00, 190.00 and 186.00. Stop loss is around 201.00.
Long positions can be opened after the price is set above the level of 202.50 with the targets at 210.00–214.00. Stop loss is 198.50.
Implementation period: 3 days.
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