3M Company (MMM/NYSE): general analysis
05 September 2018, 13:32
| Scenario | |
|---|---|
| Timeframe | Intraday |
| Recommendation | BUY STOP |
| Entry Point | 212.10 |
| Take Profit | 217.00, 220.00, 225.00 |
| Stop Loss | 207.00 |
| Key Levels | 198.00, 202.00, 206.00, 212.00, 220.00, 227.00 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 205.90 |
| Take Profit | 200.00, 196.00 |
| Stop Loss | 210.00 |
| Key Levels | 198.00, 202.00, 206.00, 212.00, 220.00, 227.00 |
Current trend
Since mid-August, 3M Company shares have been growing and are now trading at a discount of 1.90% to a 3-month high. Since the beginning of the year, the price decreased by 11.37%. Over the past 2 quarters, the main company’s problems were the costs, which increased by 9.1% and 5.1% respectively. In addition, 3M Company faces growing competition in almost all regions and is subject to unfavorable changes in exchange rates, interest rates, and commodity prices.
During the last week, 3M Company grew by 0.13% against the fall of S&P 500 index by 0.51%.
Support and resistance
The price is moving sideways. At the moment, the key levels of support and resistance are 206.00 and 212.00. There is potential for further correction. Indicators do not give a clear signal: the price was fixed above MA (50) and MA (200); MACD histogram is near the zero line. 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: 212.00, 220.00, 227.00.
Support levels: 206.00, 202.00, 198.00.
Trading tips
Long positions can be opened after the price is set above the level of 212.00. The closing of the profitable positions is possible at the levels of 217.00, 220.00 and 225.00. Stop loss is 207.00.
Short positions can be opened after the price is set below the level of 206.00 with the targets at 200.00–196.00 and stop loss 210.00.
Implementation period: 3 days.
Since mid-August, 3M Company shares have been growing and are now trading at a discount of 1.90% to a 3-month high. Since the beginning of the year, the price decreased by 11.37%. Over the past 2 quarters, the main company’s problems were the costs, which increased by 9.1% and 5.1% respectively. In addition, 3M Company faces growing competition in almost all regions and is subject to unfavorable changes in exchange rates, interest rates, and commodity prices.
During the last week, 3M Company grew by 0.13% against the fall of S&P 500 index by 0.51%.
Support and resistance
The price is moving sideways. At the moment, the key levels of support and resistance are 206.00 and 212.00. There is potential for further correction. Indicators do not give a clear signal: the price was fixed above MA (50) and MA (200); MACD histogram is near the zero line. 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: 212.00, 220.00, 227.00.
Support levels: 206.00, 202.00, 198.00.
Trading tips
Long positions can be opened after the price is set above the level of 212.00. The closing of the profitable positions is possible at the levels of 217.00, 220.00 and 225.00. Stop loss is 207.00.
Short positions can be opened after the price is set below the level of 206.00 with the targets at 200.00–196.00 and stop loss 210.00.
Implementation period: 3 days.
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