In-Depth Technical Analysis of 3M CO.

Our stockscreener has identified a possible breakout setup on 3M CO (NYSE:MMM). This occurs when the stock consolidates following a significant upward movement. While the breakout outcome cannot be guaranteed, it may be worth monitoring NYSE:MMM for potential opportunities.

Zooming in on the technicals.

ChartMill assigns a Technical Rating to every stock. This score ranges from 0 to 10 and is updated daily. The score is determined by evaluating multiple technical indicators and properties.

Overall MMM gets a technical rating of 8 out of 10. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, MMM is only an average performer.

• The long and short term trends are both positive. This is looking good!
• In the last month MMM has a been trading in the 98.26 - 105.30 range, which is quite wide. It is currently trading near the high of this range.
• When compared to the yearly performance of all other stocks, MMM outperforms 54% of them, which is more or less in line with the market.
• MMM is an average performer in the Industrial Conglomerates industry, it outperforms 55% of 10 stocks in the same industry.
• MMM is currently trading in the middle of its 52 week range. The S&P500 Index however is currently trading near new highs, so MMM is lagging the market.

For an up to date full technical analysis you can check the technical report of MMM

Why is NYSE:MMM a setup?

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the level of consolidation in the stock based on multiple short-term technical indicators. Currently, NYSE:MMM has a 9 as its setup rating, indicating its current consolidation status.

MMM has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 105.94. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 102.33, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

Trading setups like NYSE:MMM

A breakout opportunity may arise when the stock surpasses the current consolidation zone and reaches new highs. Traders often wait for this breakout before considering buying the stock. To manage risk, a stop loss order could be placed below the consolidation zone to limit potential losses.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Keep in mind

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.