- 1
3M stock price (NYSE: MMM) defended $100 support and recovered 8% approx from the low. - 2
MMM stock price managed to climb above the 500-day EMA. - 3
3M stock price showed initial signs of a bullish trend reversal.
3M stock price (NYSE: MMM) defended the $100 support and reversed upward with a strong buying volume. It formed a bullish trend reversal pattern and grabbed the attention of long-term investors.
MMM stock price managed to climb above the 50-day EMA indicating that the short-term trend has reversed upward. However, the 200-day EMA still placed higher which might act as an immediate hurdle for bulls.
At the beginning of August, the 3M stock price faced rejection from the $111 level. It lost the bullish momentum and began to decline by forming lower-low candles.
In mid-August, prices dropped below the 50-day EMA which hurt the investor’s sentiment and caused further decline.
The downfall in MMM stock took a halt near $97.00 and prices bounced back with a high volume. It left a massive gap near $100 which will now act as a strong support zone for the bulls.
Meanwhile, the buying volume also rises which indicates some genuine buyers might have turned bullish and expecting outperformance. 3M stock price closed the previous session at 106.24 with an intraday rise of 0.27%.
Will the 3M Stock Price Continue the Recovery?
3M stock price (NYSE: MMM) is recovering and the confidence of buyers is visible. The bulls seem more active as compared to sellers so more upward momentum is possible.
Till MMM stock price sustains above the $100 level the bulls will remain active. Moreover, any short-term downfall toward $100 will be easily absorbed by the buyers.
If the 3M stock price succeeds in breaking the $113 hurdle then the next phase of the rally might trigger. However, if the price faces rejection from $113.00, then it might enter into a wide range of consolidation.
MMM Stock Price Tuning Bullish on Multiple Time Frame
MMM stock price is turning bullish on a daily and weekly time frame. The buyers seem to be returning back to the track. So, the investors must look for opportunities to accumulate the stock.
The MACD curve generated a sharp positive crossover and the histogram bar is also on the rise. It indicates the strength of the bulls. The RSI curve at 57 slopes upward which denotes strength and more room for upside.
Conclusion
3M stock price (NYSE: MMM) showed a surprising recovery and formed a bullish reversal pattern. The technical analysis suggests MMM stock price has turned bullish and more upward momentum is possible in the coming months.
Technical Levels
- Resistance levels: $108.00 and $113.00
- Support levels: $97.00 and $92.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/09/11/3m-stock-price-defends-100-is-mmm-stock-turning-bullish/