MMM fails to close above 20-day moving average


3M Company (MMM) Technical Analysis Report for Apr 16, 2018 [1 min read]
Highlights
MMM fails to close above 20-day moving average
MMM runs into sellers again around 219.27
MMM rises to highest close since April 5th
MMM still stuck within tight trading range
MMM closes within previous day's range after lackluster session
TQ Sentiment
Report Sentiment: 0% Neutral
Technical Forecast:
Overview

MMM finished Monday at 217.70 gaining $2.18 (1.01%). Today's closing price of 217.70 marks the highest close since April 5th. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for MMM
Volatility

Monday's trading range was $2.68 (1.23%), that's far below last trading month's daily average range of $5.33. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 213.50 and 219.27 which it has been in now for the last trading week.

Price Action

After moving lower in the prior session, 3M managed to close higher but below the previous day's open, forming a bullish Harami Candle.

Support/Resistance

Prices are trading close to a key support level at 214.73. After having been unable to move above 218.68 in the prior session, the market ran into sellers again around the same price level today, failing to move higher than 219.27. After spiking up to 219.27 during the day, the stock found resistance at the 20-day moving average at 219.00.

Trend

Although the share is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.

Order Flow

Selling could speed up should prices move below the close-by swing low at 214.46 where further sell stops might get activated. With prices trading close to this year's low at 209.47, downside momentum could accelerate should 3M Company break out to new lows for the year. As prices are trading close to April's high at 220.31, upside momentum might speed up should MMM mark new highs for the month.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for 3M Company
ConditionForecastDirectionWinAvgWorstBestEvents
Rickshaw-Man TQ Pro Members Only
Northern Doji TQ Pro Members Only
Bearish Intraday Reversal TQ Pro Members Only
High close to previous High TQ Pro Members Only
Doji TQ Pro Members Only
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Latest Report:

MMM finds buyers at key support level

Jul 18, 2018
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