MMM trade ideas
MMM - Opportunity for Short Hey guys! Here's my view on MMM:
Summary
Price bounced off a strong support, captured by the recent spike and I am expecting a further push to 168.79 before a reversal.
How I would play this trade:
Entry: 168.79
Stop Loss: 190.26
Take Profit: 97.21
Reason for my view:
There was a strong bounce off the 61.8% fibonacci retracement level, in line with previous breakout levels, as seen by the recent spike. With the $2 trillon rescue package recently injected into the economy, it could provide a temporary boost in market risk sentiment. This could see prices rally higher to test our resistance level at 168.79.
Overall bias remains bearish as price is holding nicely below its descending resistance line and 35 EMA. Fundamentally, the Covid-19 outbreak worldwide is not showing signs of peaking out, which could further impede the global recovery.
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3M to rise during coronavirus crisis3M is a medical company that is making some of the items in the highest demand on the market right now. Those are the N95 facemasks, which filter out 95% of airborne droplets for safer travel and work. These are especially important for healthcare workers as they are heavily exposed to this virus. They are also teaming with Ford (F) to make ventilators and respirators which are also in extremely high demand. They may get massive orders from governments around the world which will drastically increase their stock price.
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3M longGood indicator work here, you can not see any price but that is not important. The two balls and staff pattern is very reliable
3M buy?From the data we see om the 3M (MMM) chart, there is a possibility that we may see an inverse head and shoulders pattern, considering 3M drops their quarterly report in april, and that they are a big producer of infection control, the fundamentals may also be with us on this one.
3M Company is Dropping MMM is unfortunately dropping to weekly levels.
MMM is an American multinational conglomerate corporation operating in the fields of industry, worker safety, health care, and consumer goods. (Wikipedia)
however the price confirmed bearish terms, and we will carry on this trend to low levels
3M fighting coronavirusRecently, coronavirus has tormented Italy and now the whole of Italy is in quarantine. One way to help fight coronavirus is with the use of respirators, which 3M makes. Italy is in such low supply of respirators that they are not giving them to anyone over 65 years of age. 3M is increasing its production to help the US prepare for this. The government and hospitals will buy them to make sure they are prepared.
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Investing in the Time of COVID-19 / 3M COMPANYIs It Time to Buy 3M Stock? (NYSE:MMM)
3M ramps up N95 respirator production as demand surges from global coronavirus outbreak.
Demand for respirators is extremely high .
To fill the surge in demand for the devices, particularly the N95 respirator, 3M is ramping up production.
In Aberdeen, South Dakota, more than 650 employees at one of 3M’s largest manufacturing facilities are working overtime to increase face mask production.
3M Company:
While 3M manufactures millions of respirators per month at production facilities in the United States and China, as well as in Latin America,
Europe and Asia, we expect demand for respirators and other supplies to outpace supply for the foreseeable future.
"3M is supporting public health and government response to the outbreak by ramping up production at our global manufacturing facilities,
including hiring workers, adding shifts and activating more production lines.
"Still, global demand for certain personal protective equipment, including respirators, is currently exceeding supply.
We are working with customers, distributors,
and government and medical officials to help get supplies where they are most needed."
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3M - Coronavirus Scare Bolsters 3M Production of Masks Consider 3M in your list of bargains to buy at the moment. I've read several articles that have said 3M has sold out of their masks due to the coronavirus scare and is currently paying workers overtime to meet the demand. They're hoping to have a mask output (N95) of at least 35million/month to the US alone and have ramped up their production in Asia and Europe as well.
On a technical stand point, this looks to be a good place to enter. The the current price action appears to be bouncing off support and the .5 Fib retracement level. The OBV remains high and there is strong bullish divergence that can be seen on the weekly MACD. Given the overall concern of the current status of the world markets, this looks to be a good short-term scalp where I am aiming for resistance around $175. I will re-evaluate that state of the markets once we hit this level to determine whether to let it ride or close the trade.
MMM The chocolate is melting. Terrible joke, but a bad look here for me. I expected this to be bullish after Trump mentioned the gov is buying a ton of mask from them. I don't see a good way to give wave C 5 waves at this point, so have to stay bearish on it.
3M COMPANY (MMM) DailyDates in the future with the highest probability for price direction reversals
MMM rebound setup...attempt #2 (hopefully adjusted for Corona)Same underlying theory as my last post on this one except the price point is more closely on point to historical movements. Taking a starter long MMM position with some short-term puts as a safeguard in case this isn't the bottom.
