MMM ends the day indecisive
3M Company (MMM) Technical Analysis Report for Mar 15, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, MMM finished the week 3.58% higher at 208.08 after gaining $0.70 (0.34%) today on high volume, slightly underperforming the Dow Indu. (0.54%). Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (MMM as at Mar 15, 2019):
Friday's trading range has been $1.87 (0.9%), that's below the last trading month's daily average range of $2.56. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for MMM.
One bearish candlestick pattern matches today's price action, the Hanging Man. The last time a Hanging Man showed up on February 20th, MMM lost -0.36% on the following trading day.
Prices are trading close to the key technical resistance level at 209.77 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 211.59, upside momentum could accelerate should 3M be able to break out to new highs for the year. As prices are trading close to March's high at 209.98, upside momentum might speed up should the stock mark new highs for the month.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for 3M. Out of 179 times, MMM closed higher 51.40% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 63.13% with an average market move of 0.89%.