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MMM: Time for a Technical Breakout 1W (Jun. 09)X Force Global Analysis: 3M (MMM) is a multinational conglomerate corporation operating in the fields of industry, worker safety, US health care, and consumer goods. In this analysis, we take a purely technical approach to the stock, assessing its bullish probabilities. Analysis - What's most noticeable in 3M's weekly chart is the descending parallel channel. - Prices have been creating constant lower highs and lower lows - This downtrend has been intact even before the Corona Virus (Covid-19) situation - Prices are currently trading below the 200 Simple Moving Average (SMA) - They have also been rejected by the Ichimoku cloud resistance twice. - The Relative Strength Index (RSI) is at neutral levels, and the Moving Average Convergence Divergence (MACD) has formed a golden cross, indicating potential bullish momentum - Should we see a breakout from the current price levels through the descending parallel channel, a potential reverse head and shoulders pattern may be intact - There are two price gaps both below and above the current price level, ranging from $!35 to $244. What We Believe For the short term, a break and close above the descending parallel channel is necessary for bullish confirmation. Then, a break of the Ichimoku cloud resistance - which we have failed to break through twice- is required for further bullish confirmation. Ultimately, a break and close above the 200 SMA would confirm a further rally up to $244, where the price gap remains for the weekly chart. Trade Safe.
NYSE:MMM
by XForceGlobal
1
MMM - 3M s/r zonesHello traders, Description of the analysis: Main s/r zones for 3M shares. Currently on strong support from 2016, a very suitable opportunity in terms of technical analysis and volume distribution of the price. The dividend strenght will be attractive. 3M has an earnings payout ratio better than 29% of dividend stocks. MMM pays 46% of its operating cash flow as a dividend, which is better than 27% of dividend stocks and MMM pays 60% of its free cash flow as a dividend, which is better than 37% of dividend stocks (from Seekingalpha source). The situation is more than interesting for investment. Never invest in assets you don't understand, so invest and trade wisely and carefully. About me: Hi, my name is Jacob Kovarik and I´m trading on stock exchange since 2008. I started with a capital of 3000 USD. My first strategy was based on OTM options. (American stock index and their ETF ). I´ve learnt on my path that professional trading is based on two main fundaments which have to complement each other, to make a bussiness attitude profitable. I´ve tried a lot of techniques and many manners how to analyze the market. From basic technical analysis to fundamental analysis of single title. My analytics gradually changed into professional attitude. I work with logical advantages of stock exchange (return of value back to average, volume , expected volatility , advantage of high stop-loss, the breakdown of time in options, statistics and cosistent thorough control of risk). At the moment, my main target is ITM on SPM index. Biggest part of my current bussiness activity comes from e mini futures (NQ, ES). I´m trader of positions. I´m from Czech republic and I take care of a private fund (4 000 000 USD). During my career I´ve earned a lot of valuable experience, such as functionality of strategies and what is more important, control of emotions. Professional trading is, in my opinion, certain kind of mental training and if we are able to control our emotions, accomplishment will show up. I will share with you my analysis and trades on my profile. I wish to all of you successul trades. Jacob
NYSE:MMMLong
by Jacob_Kovarik