Current trend

Shares of 3M Co., an American diversified innovation and manufacturing company, last month traded in a sideways range of 90.62–93.75 (Murrey level [1/8]–[2/8]), testing its boundaries. Two weeks ago, the quotes were able to overcome the reversal mark of 93.75 (Murrey level [2/8]), approaching the central mark of the Murrey trading range of 100.00 (Murrey level [4/8]), after consolidating above which it may reach the area of 103.12 (Murrey level /8]) and 106.25 (Murrey level [6/8]). In case of consolidation below the key level for the “bears” 93.75, supported by the middle line of Bollinger Bands, a decline to the area of 90.62 (Murrey level [1/8]) and 87.50 (Murrey level [0/8]) is likely.

Technical indicators reflect the formation of an upward trend: Bollinger Bands and Stochastic are turning upward, and the MACD histogram is increasing in the positive zone.

Support and resistance

Resistance levels: 100.00, 103.12, 106.25.

Support levels: 93.75, 90.62, 87.50.

Trading tips

Long positions may be opened above 100.00, with the targets at 103.12, 106.25, and stop loss 97.80. Implementation time: 5–7 days.

Short positions may be opened below 93.75, with the targets at 90.62, 87.50, and stop loss 95.80.