The Greedy Trader Weekly Analysis
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Downtrend Broken Resistance

Downtrend Broken Resistance stock alert presents a technical analysis stock market picking technique based on combination of technical indicators, stock trend analysis, trend following indicators and pattern recognition. Downtrend broken resistance stock market alert is a trend trading warning signal. It is a confirmation that long term downtrend reversal is completed and a new uptrend is establiched.

Unlike other alerts, broken resistance is not a buy/sell signal. It is rather warning signal that trend direction has changed. For entry point it is usually better to wait for pull back and retest of resistance line. This point is considered as a second chance to participate in downtrend reversal.

Downtrend Broken Resist.

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- 3/15/2024 -
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3M Company (MMM) Technical Analysis

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Summary:
Weekly :Overbought sectorLane's Stochastic is oversoldTrend resistance at 103.73
Daily :Relative Strength Index, Williams' Percentage Range and Lane's Stochastic are overboughtThe price has fallen below the Parabolic SARThe price touches the upper Bollinger Band
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It was a second consecutive positive week for the 3M Company (MMM). During the week, the MMM gained 11.10 points, or 11.82%, and closed at 105.00 on Friday, March 15, 2024. Weekly volume was 239% above average.

MMM is a member of Industrials Sector. Industrials is the most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.

Long-term trend: [See MMM long-term trend chart]
A long-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 price is near the trend resistance line (103.73). The resistance is usually stronger when technical indicators are overbought. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend resistance line in a long-term trend.

Medium-term trend: [See MMM medium-term trend chart]
A medium-term downtrend had started on January 2, 2024 at 110.66 and reached 90.48 on March 4, 2024. MMM lost 20.18 points, or 18.24%, in 8 weeks. The price is now at the 71.95% retracement level.

Weekly Technical Indicators: [See MMM weekly technical indicators chart]
Weekly Lane's Stochastic is oversold. Use the Technical Stock Screener to see the list of stocks with weekly oversold Lane's Stochastic. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Lane's Stochastic help.

The weekly MACD line is below its signal line since February 2, 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 uptrend had started on March 14, 2024 at 104.54 and reached 105.54 on March 15, 2024. MMM gained -1.00 points, or -0.96%, in 1 days. The price is now at the 54.00% retracement level.

Daily Technical Indicators: [See MMM daily technical indicators chart]
Daily Relative Strength Index, Williams' Percentage Range and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Relative Strength Index, Williams' Percentage Range and Lane's Stochastic. Use the following links to access Relative Strength Index and Williams' Percentage Range help.

The daily MACD line is above its signal line since February 20, 2024. This is an indication that the short-term trend is up. The distance between MACD and the signal line is near its high and getting bigger. It indicates that the current short-term uptrend is strong.

During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward 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.

The price touches the upper Bollinger Band. 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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 85.70
Overbought
Williams' Percentage Range (W%R) 16.90
Overbought
Lane's Stochastic (%D-Slow) 89.87
Overbought
Greed/Fear Indicator (GFI) 86.23
Overbought
Moving Average Converg./Diverg. (MACD) -0.16
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 52.01
Williams' Percentage Range (W%R) 30.30
Lane's Stochastic (%D-Slow) 16.84
Oversold
Greed/Fear Indicator (GFI) 45.32
Moving Average Converg./Diverg. (MACD) -1.18
Trading Signals
Description Value Chart
Upper Bollinger Band 105.12
Price 105.00
Daily Stochastic Crossing 104.36
Yearly Trendline Resistance 103.73
50 Day Moving Average 97.61
Parabolic System 96.79
20 Day Moving Average 94.36
Weekly Stochastic Crossing 94.15
Lower Bollinger Band 87.62
Sector and Industry
Description Name Rank
Sector Industrials 12
Industry Industrial Conglomerates 49
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 104.54
Low Date 03/14/2024
High 105.54
High Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 104.54
Low Date 03/14/2024
High 105.54
High Date 03/15/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 90.48
Low Date 03/04/2024
High 105.54
High Date 03/15/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 110.66
High Date 01/02/2024
Low 90.48
Low Date 03/04/2024
Description Value
Direction Down
Chart Pattern Falling Channel
Status Test Resistance
Resistance 103.73
Support 76.33
High 208.95
High Date 05/10/2021
Low 85.35
Low Date 10/23/2023
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.