• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for 3M Co (NYSE:MMM)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in 3M Co (NYSE:MMM) based on the price action in the company's shares. Today's price range of $202.50 and $204.00 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of 3M Co may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

3M Co share prices have moved between a 52-week high of $259.77 and a 52-week low of $181.98 and are now trading 11% above that low price at $202.50 per share. The 200-day and 50-day moving averages have moved 0.47% lower and 0.39% lower over the past week, respectively.

There is potential upside of 11.1% for shares of 3M Co based on a current price of $202.50 and an average consensus analyst price target of $225.00. The stock should run into initial resistance at its 50-day moving average (MA) of $204.54 and subsequent resistance at its 200-day MA of $210.74.

3M Company conducts operations in electronics, telecommunications, industrial, consumer and office, health care, safety, and other markets. The Company businesses share technologies, manufacturing operations, marketing channels, and other resources. 3M serves customers worldwide.

SmarTrend is monitoring the recent change of momentum in 3M Co. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of 3M Co in search of a potential trend change.

Keywords: bearish inside day candle 3m co

Ticker(s): MMM