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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in 3M Co (NYSE:MMM) based on the price action in the company's shares. Yesterday's price range of $157.23 and $159.96 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. Traders and investors interested in shares of 3M Co may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, shares of 3M Co have traded between a low of $150.58 and a high of $219.75 and closed yesterday at $157.50, which is 5% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.4% while the 200-day MA has slid 0.5%.

3M Co (NYSE:MMM) has potential upside of 42.9% based on a current price of $157.50 and analysts' consensus price target of $225.00. The stock should run into initial resistance at its 200-day moving average (MA) of $170.13 and subsequent resistance at its 50-day MA of $172.50.

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: bullish am inside day candle 3m co

Ticker(s): MMM