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3M Co - MMM - Logarithmic price scale Trendline
Casey Murphy - Dec 6, 2007


3M Co - MMM

December 5, 2007

Last Trade

$83.76

Volume

3,255,746

52-Week High

$97.00

52-Week Low

$72.90

Commentary:
For today's chart we've chosen to take a look at 3M Company (NYSE:MMM) because it is trading near an interesting level of support. As you can see from the chart below, we've identified an extremely long-term trendline, which has consistently propped up the price since 1980. This chart is of specific interest because it is not every day that we identify a stock that is trading near the support of a 27-year trendline. It is important to note that this chart is slightly different than many we bring to your attention because it uses a logarithmic price scale rather than a linear scale. This means that the prices on the scale are not positioned equidistantly; instead the scale is plotted in such a way that two equal percent changes are plotted as the same vertical distance of the scale. There is no reason to expect that the bears will be able to reverse this trend, so we'll remain bullish until we see several consecutive weekly closes below the trendline.

For more, see What is the difference between a logarithmic price scale and a linear one?

 


Happy Trading,
Casey Murphy,
Senior Analyst, ChartAdvisor


 Previous Chart Alerts:    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   QQQQ   ACE   BJ   ALL   GGG   BA   WMB  


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