October outlook for MMMI like the heavy volume comming in, going to get in above purple line. Want to see it move a bit sideways then break with strong candle.
MMM trade ideas
3M, Good time to buy or just getting started?3M's earning report came up a bit short, however they have had continuous growth. Looking at this trend in the long term I believe we've hit a temporary top. I believe we will test sub $190 prices before we potentially continue the bull trend. I also don't think it's unreasonable for it to tap $175-$180 although I do think that's unlikely.
I would look to go long around the $185 mark with a target of $205, it could hit $225 if trend continues.
Breakout ahead?2214,75 is the Level to watch. Above that Level a stoppbuy could be installed --> tp 20/222
MMM (3) Consolidation finished?Last Friday, MMM (daily and 1' charts) seems to have finished a "Minute"-wave 4 correction as a "Running ZigZag". Next 1,618 Target = 211,68 for Monday and 219,65 for the coming 2 weeks.
$MMM rally into thin air$MMM rally into thin air but ABCD completed ..Short zone here upto upper bb and rising resis line.
MMM (2) Descending Triangle?MMM is probably in a "Descending Triangle"-pattern, with an abcde-counting! Yesterday, MMM might have finished "Minute"-wave c (blue marked c=?). If true, next resistence will be at the descending trendline (red) and will give as the "d". This move should also have a corrective pattern with abc counts!
Support points and how to identify themHi again, so if you take a look at the horizontal line in the chart above, you might realise that it is a support point in the chart(MMM).
What is a support point? Well, it is actually an indication that tells you if the company is going to go higher or lower. But there is still a chance that the market might break the support point, just like a resistance point, so don't always rely on it!
How to identify one:To identify a support point, you have to see if there is a point where the stock market constantly bounces off on a certain period of time. And you can use a horizontal line to indicate it like what I did in the chart above
I hope you find this useful!
