3M Company Stock Prices Rises to New Highs (NYSE: MMM). Should Investors Buy?

3M Stock Chart MMM

3M Company shares updated 4-month high on December 23, gaining 5.7% since the middle of the month. The stock quotes are supported by a general market rally against the backdrop of US-Chinese trade agreements. 3M Company announced the sale of its drug delivery business to Altaris Capital Partners LLC for USD 650 million as part of a plan to sell non-core assets. During the last week, the stock of 3M Company grew by 4.52%. S&P500 went up by 1.02% within the same period.

Today, the market is generally calm, exchanges are expected to close earlier due to the Christmas holidays, and investor activity is seriously reduced. Tomorrow is the day off in the USA, and financial institutions will continue to work only on Thursday. The statistics published yesterday turned out to be mixed. The volume of orders for durable goods decreased by 2.0%, however, these data were offset by the growth in sales of new houses from 710K to 719K.

Today, oil prices have resumed growth. Quotes are supported by comments of Russian Energy Minister Alexander Novak, who said that Russia would continue to cooperate with OPEC in support of the oil market. Novak said thet the interaction of the parties “is effective and brings results”. In the evening, investors are waiting for the weekly API report on the US crude oil reserves. The last time they rose by 4.700 million barrels. The continuation of this trend may put pressure on quotes.

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3M Stock Support and Resistance

The 3M’s stock signals switched to growth after a long consolidation. #MMM quotes set new local maxima. Currently, the company’s shares are testing the resistance level of 179.00. 172.50 is a “mirror” support level. The instrument has the potential to recover. Indicators show the strength of the buyers: the price has consolidated above MA(50) and MA(200), MACD histogram is in the positive zone and continues to grow. Positions are to be opened from key levels. Comparing company’s multiplier with its competitors in the industry, we can say that #MMM shares are neutral.
Support levels: 172.50, 165.00, 161.00.
Resistance levels: 179.00, 187.50.


3M Trading Ideas

If the price consolidates above the resistance level of 179.00, one should expect the company’s shares to grow. Potential profits should be locked in by orders at 185.00, 190.00, and 195.00. Stop-loss – 173.00. If the price consolidates below 172.50, one may consider selling #MMM. The moving potential is aimed at the area of 163.00–158.00. Stop-loss – 178.00.

3M Stock Recommendations

Dec-23-19 Upgrade JP Morgan Underweight → Neutral $143 → $150
Dec-12-19 Downgrade UBS Neutral → Sell $180 → $160
Dec-09-19 Downgrade Citigroup Buy → Neutral $180
Oct-03-19 Reiterated Barclays Underweight $162 → $158
Jul-12-19 Reiterated UBS Neutral $201 → $182
Jul-09-19 Downgrade RBC Capital Mkts Outperform → Sector Perform $207 → $176
Apr-29-19 Downgrade Gordon Haskett Buy → Hold
Apr-26-19 Initiated Argus Hold
Apr-26-19 Downgrade BofA/Merrill Buy → Neutral
Oct-12-18 Initiated Gordon Haskett Buy
Oct-12-18 Initiated Credit Suisse Outperform
Aug-21-18 Initiated Morgan Stanley Equal-Weight $212
May-16-18 Downgrade Jefferies Buy → Hold
May-03-18 Upgrade RBC Capital Mkts Sector Perform → Outperform $238
Apr-03-18 Reiterated Stifel Hold $251 → $225
Feb-15-18 Initiated Barclays Underweight $235
Feb-13-18 Upgrade Deutsche Bank Hold → Buy $240 → $275
Jan-24-18 Upgrade Hilliard Lyons Neutral → Buy
Jan-23-18 Initiated UBS Neutral
Jan-18-18 Reiterated JP Morgan Underweight $208 → $221

3M Stock 1 Day Moving Averages

Name Value Action
Exponential Moving Average (5) 175.56 Buy
Simple Moving Average (5) 174.68 Buy
Exponential Moving Average (10) 173.25 Buy
Simple Moving Average (10) 172.02 Buy
Exponential Moving Average (20) 171.38 Buy
Simple Moving Average (20) 170.19 Buy
Exponential Moving Average (30) 170.42 Buy
Simple Moving Average (30) 170.00 Buy
Exponential Moving Average (50) 169.21 Buy
Simple Moving Average (50) 169.30 Buy
Exponential Moving Average (100) 169.32 Buy
Simple Moving Average (100) 165.53 Buy
Exponential Moving Average (200) 174.78 Buy
Simple Moving Average (200) 175.06 Buy
Ichimoku Cloud Base Line (9, 26, 52, 26) 170.95 Neutral
Volume Weighted Moving Average (20) 170.60 Buy
Hull Moving Average (9) 178.44 Sell

3M Stock Pivots

Pivot Classic Fibonacci Camarilla Woodie DM
S3 145.93 158.13 166.42 151.86 —
S2 158.13 162.79 167.53 158.19 —
S1 163.95 165.67 168.65 164.06 167.14
P 170.33 170.33 170.33 170.39 171.93
R1 176.15 174.99 170.89 176.26 179.34
R2 182.53 177.87 172.01 182.59 —
R3 194.73 182.53 173.13 188.46 —

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