3M may fall to 123.80 - 126.00

Our pivot point is at 137.6.

Our preference

Target 126.

Alternative scenario

The upside breakout of 137.6 would call for 141.5 and 143.8.

Comment

The RSI is below 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the stock is trading under its 20 day moving average (135.339) but above its 50 day moving average (131.1728).

Supports and resistances

143.8 **

141.5 *

137.6 **

136

133.46 (USD-last)

128.3

126 **

123.8 *

121.5 **

Number of asterisks represents the strength of support and resistance levels.