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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. Yesterday's price range of $168.71 and $170.18 is within the prior day'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 $219.75 and a 52-week low of $150.58 and closed yesterday at 12% above that low price at $169.14 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has remained constant.

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.

3M Co (NYSE:MMM) has potential upside of 33.0% based on a current price of $169.14 and analysts' consensus price target of $225.00. 3M Co shares should encounter resistance at the 200-day moving average (MA) of $178.54 and support at the 50-day MA of $165.38.

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 am inside day candle 3m co

Ticker(s): MMM