3M adds to gains - Analysis - 13-08-2020

3M's stock kept rising in the intraday levels with a 0.68% profit, amid the dominance of the upward short-term trend, as it steadies above the support of 159.19, representing the ratio 61.8% of Fibonacci retracement levels for a descending wave in the medium term (from 187.00 to 114.01), with positive support from the 50-day SMA, countered with negative signals from the RSI.

Therefore we expect more gains for the stock, targeting the next resistance at 169.94, representing the ratio 76.4% of the same retracement levels. 

Expected trend for today: Bullish