3M may rise to 156.60 - 164.70

Our pivot point stands at 120.5.

Our preference

As long as 120.5 is support look for 156.6.

Alternative scenario

The downside breakout of 120.5 would call for 107.2 and 99.3.

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 126.8195 and 113.6502).

Supports and resistances

172.7 **

164.7 *

156.6 **

148.7

131.4 (USD-last)

125.7

120.5 **

107.2 *

99.3 **

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