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

By David Diaz

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 $169.60 and $169.65 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 Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products. Its Safety and Graphics segment provides personal protection and transportation safety products, commercial graphics systems, commercial cleaning and protection products, floor matting, roofing granules, fall protection products, self-contained breathing apparatus systems, and gas and flame detection instruments.

3M Co share prices have moved between a 52-week high of $219.75 and a 52-week low of $159.32 and are now trading 6% above that low price at $169.60 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.3% while the 200-day MA has slid 0.3%.

There is potential upside of 32.7% for shares of 3M Co based on a current price of $169.60 and an average consensus analyst price target of $225.00. 3M Co shares should first meet resistance at the 50-day moving average (MA) of $187.58 and find additional resistance at the 200-day MA of $198.21.

SmarTrend recommended that its subscribers protect gains by selling shares of 3M Co on April 26th, 2019 by issuing a Downtrend alert when the shares were trading at $190.81. Since that call, shares of 3M Co have fallen 11.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle 3m co

Ticker(s): MMM