Stocks to Watch: 3M Co (NYSE: MMM) Sets Up For Move


3M Co. stocks are growing within the correction from the 52-week low of August 28. As a result of August, the price lost more than 7% due to a poor quarterly report with low sales amid growing geopolitical and trade risks for the global economy, as well as a general decline in industrial shares of the DOW index. However, the company’s management expects an increase in sales and profitability from the fourth quarter of 2019.

3M Co. shares grew by 3.77% over the past week. The S&P 500 index rose 2.80% over the same period.

RecommendationSELL STOP
Entry Point155.00
Take Profit148.00, 142.00, 136.00
Stop Loss157.35, 162.00
Key Levels147.00, 155.00, 164.00, 171.00, 178.00
Alternative scenario
RecommendationBUY STOP
Entry Point164.10
Take Profit176.00, 182.00
Stop Loss157.00
Key Levels147.00, 155.00, 164.00, 171.00, 178.00

Trading tips

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Short positions can be opened after the price consolidates below the level of 155.00. The closing of the profitable positions is possible at the levels of 148.00, 142.00 and 136.00. Stop loss is 162.00.

Long positions can be opened after the price consolidates above the level of 164.00 with the targets at 176.00–182.00. Stop loss is 157.00.

Implementation period: 3 days.



Support and resistance

The instrument stabilized after a rather long fall. There is no unidirectional trend observed. Quotes are testing local support and resistance levels at 155.00 and 164.00. In the near future, technical correction is not excluded. The signals of the indicators are ambiguous: the price consolidated below MA (50) and MA (200); the MACD histogram has started to rise. It is better to open positions from key levels.

A comparative analysis of the multiples of the company and competing companies in the industry indicates the neutrality of #MMM.

Resistance levels: 164.00, 171.00, 178.00.

Support levels: 155.00, 147.00.

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