3M may rise to 151.20 - 159.00

Our pivot point stands at 103.7.

Our preference

The upside prevails as long as 103.7 is support.

Alternative scenario

The downside breakout of 103.7 would call for 92.3 and 85.4.

Comment

The RSI is trading above 70. This could mean that either the stock is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the stock is trading above both its 20 and 50 day moving average (respectively at 103.96 and 102.2262). Finally, 3M is trading above its upper Bollinger band (standing at 115.27).

Supports and resistances

166.7 **

159 *

151.2 **

143.5

127.16 (USD-last)

108.2

103.7 **

92.3 *

85.4 **

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