DOW JONES OVERVIEW: 3M RISKS TO TEST 10-YEAR TREND
3M price is in a very tricky situation...
On long term basis it failed its 5-year (260 weeks) uptrend test by falling below the 1st upper standard deviation from 5-year mean. It's 10-year uptrend is still intact, as price is trading above upper 1st standard deviation from 10-year (520 weeks) mean.
On short term price is in downtrend on quarterly basis (below 1st st deviation from quarterly (66-day) mean, which is now allinged with upper 1st standard deviation from 5-year mean)
Price has also fallen below upper 1st standard deviation from 1-year (264 days) mean, risking downtrend on 1-year basis.
Thus if 3M continues to trade below 1st standard deviation from quarterly mean (149) and below 1st standard deviation from 1-year mean (144.75), it risks to retest the 10-year trend border, marked by the upper 1st standard deviation from 10-year mean (130)
On long term basis it failed its 5-year (260 weeks) uptrend test by falling below the 1st upper standard deviation from 5-year mean. It's 10-year uptrend is still intact, as price is trading above upper 1st standard deviation from 10-year (520 weeks) mean.
On short term price is in downtrend on quarterly basis (below 1st st deviation from quarterly (66-day) mean, which is now allinged with upper 1st standard deviation from 5-year mean)
Price has also fallen below upper 1st standard deviation from 1-year (264 days) mean, risking downtrend on 1-year basis.
Thus if 3M continues to trade below 1st standard deviation from quarterly mean (149) and below 1st standard deviation from 1-year mean (144.75), it risks to retest the 10-year trend border, marked by the upper 1st standard deviation from 10-year mean (130)
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