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Archive
- 5/3/2024 -
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3M Company (MMM) Technical Analysis
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| Summary:
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| | It was a first positive week for the 3M Company (MMM). During the week, the MMM gained 5.32 points, or 5.79%, and closed at 97.15 on Friday, May 3, 2024. It was the best weekly gain since March 15, 2024. Weekly volume was 118% above average.
 Long-term trend: [See MMM long-term trend chart]
A long-term downtrend had started on January 26, 2018 at 259.77 and reached 85.35 on October 23, 2023. MMM lost 174.42 points, or 67.14%, in 299 weeks. The chart has formed a Falling Wedge chart pattern. The trend support level is at 81.12 and resistance is at 162.74. A Falling Wedge is a triangle formation with a noticeable slant to the downside. It represents the loss of a downside momentum on each successive low and has a bullish bias. The Falling wedge usually marks a reversal in a downtrend. In an uptrend a falling wedge is considered to be a continuation pattern. Use the following link to access a Falling Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Falling Wedge pattern in a long-term trend.
 Medium-term trend: [See MMM medium-term trend chart]
A medium-term downtrend had started on May 10, 2021 at 208.95 and reached 85.35 on October 23, 2023. MMM lost 123.60 points, or 59.15%, in 128 weeks. The chart has formed a Falling Channel chart pattern. The trend support level is at 73.43 and resistance is at 100.83. A Falling Channel represents price movement contained between parallel lower (support) and upper (resistance) trend lines. Trading Channeling stocks is one of the most reliable and accurate trading techniques that provide traders with precise entry and exit points as well as stop-losses and take-profit recommendations. Use the following link to access a Falling Channel chart pattern help, or use a Technical Stock Screener to see the list of stocks with Falling Channel pattern in a medium-term trend.
 Weekly Technical Indicators: [See MMM weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is below its signal line since April 5, 2024. This is an indication that the medium-term trend is down. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term downtrend is getting weak. Use the following link to access a MACD help.
 Short-term trend: [See MMM short-term trend chart]
A short-term downtrend had started on January 2, 2024 at 110.66 and reached 88.23 on April 1, 2024. MMM lost 22.43 points, or 20.27%, in 90 days. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 85.39 and resistance is at 108.39. A Broadening Descending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Descending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Descending Wedge pattern in a short-term trend.
Daily Technical Indicators: [See MMM daily technical indicators chart]
Daily technical indicators are neutral.
The daily MACD line is above its signal line since April 23, 2024.
During the last week, the price has risen above the Parabolic SAR (stop and reversal). A Parabolic SAR below the price is a bullish signal, and it indicates that momentum is likely to remain in the upward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.
During the last week, the price has moved above the moving average in the center of the Bollinger Bands. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.
During the last week, the price has advanced above the 50 Day Moving Average. Such crossover is considered a bullish signal. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.
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