Current trend

Shares of 3M Co., an American diversified innovative manufacturing company, rose significantly at the end of last month, allowing a changing of the long-term downward trend. The quotes reversed at 103.12 (Murrey level [1/8]) and rose to the upper border of the Murrey trading range of 125.00 (Murrey level [0/8]), consolidation above which will allow them to reach the target of 131.25 (Murrey level [ 2/8]). In case of a breakdown of 115.62 (Murrey level [5/8]), supported by the middle line of Bollinger Bands, the price may return to ​​106.25 (Murrey level [2/8]) and 100.00 (Murrey level [0/8]).

Technical indicators point to the formation of an upward trend: Bollinger Bands reversed upwards, the MACD histogram is stable in the positive zone, and Stochastic is horizontal.

Support and resistance

Resistance levels: 125.00, 131.25.

Support levels: 115.62, 106.25, 100.00.

Trading tips

Long positions may be opened above 125.00 or when the price reverses upwards at 115.62, with the target at 131.25 and stop losses of 120.00 and 111.00, respectively. Implementation period: 5–7 days.