Trend Tracker for 3m MMM

July 25, 2022, 13:45 pm ET, BY Scott B.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)

The data for 3m (NYSE: MMM) herein utilizes proprietary algorithms produced by Stock Traders Daily and refined since the turn of the century.

Warning:

This is a static report, the data below was valid at the time of the publication, but support and resistance levels for MMM change over time, so the report should be updated regularly.  Real Time updates are provided to subscribers.  Unlimited Real Time Reports.

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Instructions:

The rules that govern the data in this report are the rules of Technical Analysis.  For example, if MMM is testing support buy signals surface, and resistance is the target.  Conversely, if resistance is being tested, that is a sign to control risk or short, and support would be the downside target accordingly.  In each case, the trigger point is designed to be both an ideal place to enter a position (avoid trading in the middle of a trading channel), and it acts as a level of risk control too.

Swing Trades, Day Trades, and Longer term Trading Plans:

This data is refined to differentiate trading plans for Day Trading, Swing Trading, and Long Term Investing plans for MMM too.  All of these are offered below the Summary Table.

Longer Term Trading Plans for MMM

• Buy MMM slightly over 133.55 target 142.82 stop loss @ 133.16 Details

The technical summary data tells us to buy MMM near 133.55 with an upside target of 142.82. This data also tells us to set a stop loss @ 133.16 to protect against excessive loss in case the stock begins to move against the trade. 133.55 is the first level of support below 134.47 , and by rule, any test of support is a buy signal. In this case, support 133.55 is being tested, a buy signal would exist.

• Short MMM under 142.82, target 133.55, stop loss @ 143.23 Details

The technical summary data is suggesting a short of MMM as it gets near 142.82 with a downside target of 133.55. We should have a stop loss in place at 143.23though. 142.82 is the first level of resistance above 134.47, and by rule, any test of resistance is a short signal. In this case, if resistance 142.82 is being tested, a short signal would exist.

Swing Trading Plans for MMM

• Buy MMM slightly over 142.82, target n/a, Stop Loss @ 142.41 Details

If 142.82 begins to break higher, the technical summary data tells us to buy MMM just slightly over 142.82, with an upside target of n/a. The data also tells us to set a stop loss @ 142.41 in case the stock turns against the trade. 142.82 is the first level of resistance above 134.47, and by rule, any break above resistance is a buy signal. In this case, 142.82, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.

• Short MMM near 142.82, target 134.12, Stop Loss @ 143.23. Details

The technical summary data is suggesting a short of MMM if it tests 142.82 with a downside target of 134.12. We should have a stop loss in place at 143.23 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 142.82, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.

Day Trading Plans for MMM

• Buy MMM slightly over 135.41, target 142.82, Stop Loss @ 135.09 Details

If 135.41 begins to break higher, the technical summary data tells us to buy MMM just slightly over 135.41, with an upside target of 142.82. The data also tells us to set a stop loss @ 135.09 in case the stock turns against the trade. 135.41 is the first level of resistance above 134.47, and by rule, any break above resistance is a buy signal. In this case, 135.41, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.

• Short MMM near 135.41, target 134.12, Stop Loss @ 135.73. Details

The technical summary data is suggesting a short of MMM if it tests 135.41 with a downside target of 134.12. We should have a stop loss in place at 135.73 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 135.41, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.

MMM Ratings for July 25:

Term →	Near	Mid	Long
Rating	Strong	Neutral	Weak
P1	0	0	124.02
P2	134.05	130.82	133.55
P3	135.41	134.12	142.82

Support and Resistance Plot Chart for MMM

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