Shares of 3M (NYSE🙂 are in breakout mode today. The stock is up more than 3% on accelerating trade following this morning’s solid report. This powerful move has driven MMM through a key overhead trendline that links the November/December/initial January highs. We believe the stock is setting up well for a test of the 2020 highs. Daily MACD is sitting very close to neutral, indicating a fresh rally could have plenty of room to run.
We regard 3M as a low-risk buy near current levels. The $173.00 area, which marked the September/October highs, is shaping up as a solid support zone. A close back below this week’s low ($168) would be a clear warning sign that today’s earnings inspired breakout has failed.
Note: We are long MMM in some managed accounts.
You can read Gary S. Morrow’s original post here.
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