3M may rise to 154.40 - 162.30

Our pivot point stands at 118.5.

Our preference

As long as 118.5 is support look for 154.4.

Alternative scenario

The downside breakout of 118.5 would call for 105.4 and 97.7.

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 below its signal line and positive. The stock could retrace in the short term. Moreover, the stock is trading above both its 20 and 50 day moving average (respectively at 126.2525 and 112.434). Finally, 3M is trading above its upper Bollinger band (standing at 130.15).

Supports and resistances

170.2 **

162.3 *

154.4 **

146.5

130.55 (USD-last)

123.7

118.5 **

105.4 *

97.7 **

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