3M may rise to 151.20 - 159.00

Our pivot point is 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 above 70. It could mean either that the stock is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the stock is above its 20 and 50 day moving average (respectively at 103.96 and 102.2262). Finally, 3M has crossed above its upper daily Bollinger band (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.