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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 $218.20 and $218.57 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.

There is potential upside of 2.9% for shares of 3M Co based on a current price of $218.57 and an average consensus analyst price target of $225.00. 3M Co shares have support at the 50-day moving average (MA) of $208.51 and additional support at the 200-day MA of $202.80.

Over the past year, 3M Co has traded in a range of $176.87 to $221.69 and is now at $218.57, 24% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.5%.

SmarTrend is tracking the current trend status for 3M Co and will alert subscribers who have MMM in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle 3m co

Ticker(s): MMM