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Archive
- 11/8/2024 -
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3M Company (MMM) Technical Analysis
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| Summary:
| | Weekly : | | Daily : 
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| | It was a second consecutive positive week for the 3M Company (MMM). During the week, the MMM gained 7.10 points, or 5.58%, and closed at 134.30 on Friday, November 8, 2024. It was the best weekly gain since July 26, 2024. Weekly volume was -9% below 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 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 76.96 and resistance is at 154.68. 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 uptrend had started on April 1, 2024 at 88.23 and reached 141.34 on October 22, 2024. MMM gained -53.11 points, or -60.19%, in 29 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 120.48 and resistance is at 145.63. A Broadening Ascending 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 Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a medium-term trend.
 Weekly Technical Indicators: [See MMM weekly technical indicators chart]
Weekly Williams' Percentage Range is overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Williams' Percentage Range. 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 Williams' Percentage Range help.
The weekly MACD line is below its signal line since October 25, 2024. The distance between MACD and the signal line is low, but getting bigger. 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 November 5, 2024 at 124.80 and reached 135.00 on November 8, 2024. MMM gained -10.20 points, or -8.17%, in 3 days. The price is now at the 6.86% retracement level.
 Daily Technical Indicators: [See MMM daily technical indicators chart]
Daily technical indicators are neutral.
During the last week, daily MACD line has moved above its signal line. Such crossover is considered a bullish signal.
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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