NYSE:MMM Shows Potential for a Breakout.

Our stock screener has detected a potential breakout setup on 3M CO (NYSE:MMM). This breakout pattern is observed when a stock consolidates following a strong upward movement. It's important to note that this pattern is based on technical analysis, and the actual breakout outcome is uncertain. However, it might be worth keeping an eye on NYSE:MMM.

Technical analysis of NYSE:MMM

Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and 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 - 105.52 range, which is quite wide. It is currently trading near the high of this range.
• When comparing the performance of all stocks over the past year, MMM turns out to be only a medium performer in the overall market: it outperformed 50% of all stocks.
• MMM is part of the Industrial Conglomerates industry. There are 9 other stocks in this industry, MMM did better than 50% of them.
• 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.

Our latest full technical report of MMM contains the most current technical analsysis.

How does the Setup look for NYSE:MMM

Next to the Technical Rating, the Setup Rating of a stock determines to which extend the stock is consolidating. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. For NYSE:MMM this score is currently 9:

Besides having an excellent technical rating, MMM also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 105.83. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 103.22, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

How can NYSE:MMM be traded?

A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.

This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.

Our Breakout screener lists more breakout setups and is updated daily.

Disclaimer

This article should in no way be interpreted as advice. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.