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3M Co - MMM - Below Ascending Trendline
Casey Murphy - March 13, 2008


3M Co - MMM

March 12, 2008

Last Trade

$78.42

Volume

3,961,860

52-Week High

$97.00

52-Week Low

$72.05

Commentary:
For today's chart we've chosen to take a look at 3M Co (NYSE:MMM) because it is trading below several influential levels of resistance. As you can see from the chart below, the bears have dominated the direction of the stock since the price broke below the ascending trendline in early January. We expect that the selling pressure will continue and it wouldn't be surprising to see technical traders set their short-term targets near the January low of $75.

We'll maintain a bearish outlook on this stock until the price is able to break above the previous swing high of $81.50.

For more, see Support & Resistance Basics

 


Happy Trading,
Casey Murphy,
Senior Analyst, ChartAdvisor


 Previous Chart Alerts:    QQQQ   DDS   QQQQ   ADTN   MO   MET   DDS   MMM   ADSK   EP   CELG   TOL   LEN   QQQQ   PTEN   FE   QQQQ   QQQQ   JCP   QQQQ   LEN   AEP   HUI   ORB   QQQQ   ATI   QQQQ QQQQ   JCP   CKFR   QQQQ   QQQQ   APOL   QQQQ   AMED   QQQQ   EBAY   QQQQ   INAP   QQQQ   GD   QQQQ   INTC   QQQQ   ABK   QQQQ   NTRS   ACE   BJ   ALL   GGG   BA   WMB  


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