Possible Bearish Inside Day Candle Pattern Detected for 3M (NYSE:MMM)

Published on Wed, 08/19/2015 - 07:23
By Mallory Stone in Candlestick, MMM, 3m, bearish am inside day candle, nyse:mmm

Analyzing the price chart for 3M (NYSE:MMM) has revealed a potential bearish inside day candle pattern. Yesterday's price range of $147.88 and $148.92 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of 3M may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

3M Co. conducts operations in electronics, telecommunications, industrial, consumer and office, health care, safety, and other markets. The Company's businesses share technologies, manufacturing operations, brands, marketing channels, and other resources. 3M serves customers in countries located around the world.

In the past 52 weeks, 3M share prices have been bracketed by a low of $130.60 and a high of $170.50 and closed yesterday at $148.31, 14% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.4%.

3M (NYSE:MMM) has potential upside of 11.1% based on a current price of $148.31 and analysts' consensus price target of $164.73. The stock should find initial resistance at its 50-day moving average (MA) of $154.14 and further resistance at its 200-day MA of $160.33.

By Mallory Stone
mstone@fnno.com

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