3M CompanyLong
Larger corrective structure over, impulse move up
MMM has been on a corrective phase since 29 Jan 2018 peaks and it has been on a extended double three corrective wave based on the weekly chart shown. Furthermore, the stock has also broken out of the corrective descending channel, which marks the end of the corrective move. Currently, the stock is preparing for its 5th wave impulse move and should see strong action up towards 168.00. Golden cross of the EMAs can be seen also. https://www.tradingview.com/x/7kOjbNYH/
Price action
Daily price action is showing bullish momentum as well after breaking above the pennant and prices are trending above all the ichimoku.
Momentum
Long-term MACD signal line is likely to perform a crossover.
The stochastic Oscillator (62, 12, 12) rose, showing strong bullish pressure
The rate of change managed to rise sharply above the zero line.
Volume and Trend strength are in a healthy stage. Both are displayed by volume and Directional movement index.
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