3M's stock skidded in the intraday levels after reporting a drop in profits and future outlook, sending the stock down 6.21%, or 7.62 points in the last session, settling at 115.00, with trading volumes surpassing 10.2 million shares, above 10-day averages of 3.8 million shares.
Technically, the stock is dominated by the main downward trend in the medium term, with negative pressure from the 50-day SMA, with negative signals from the RSI, piercing the important support of 118.25.
Therefore we expect more losses for the stock, targeting the pivotal support of 107.10, provided it settles below 118.25.
Expected trend for today: Bearish
Alphabet's stock (GOOG) fell in the intraday levels after the US Justice Department filed a anti-trust lawsuit against Google for its digital ad business, sending the stock down 1.98%, or 2 points, settling at 99.21, with trading volumes surpassing 27.3 million shares, similar to 10-day averages.
Technically, the stock is exposed to negative pressure after hitting the resistance of the main downward trend line in the short term, with negative signals from the RSI, while receiving positive support from the 50-day SMA.
Therefore we expect more losses for the stock, targeting the support of 94.40, provided the resistance of 102.60 holds on.
Expected trend for today: Bearish
Lockheed Martin's stock (LMT) rose in the intraday levels after reporting forecast-beating profits and earnings, sending the stock up 1.8% in the last session, or 7.95 points, and settling at 449.23, with trading volumes surpassing 2.8 million shares, above 10-day averages of 1.6 million shares.
Technically, the stock was bolstered by the support of 441.65, lending it momentum amid attempts to recoup some losses, while venting off oversold saturation in the RSI, while hurt by a negative pattern that formed in the short term, the Double Top pattern, with negative pressure from the 50-day SMA, amid the dominance of the main upward medium-term trend.
Therefore we expect the stock to return lower, targeting the support of 418.60 as a price target for the Double Top pattern, provided the resistance of 458.00 holds on.
Expected trend for today: Bearish
Brent oil price shows sideways trades since morning, waiting to resume the bearish bias to test 85.10 level as a next negative station, which breaking it represents the key to rally towards achieving new negative targets that start at 83.70 and extend to 82.00, taking into consideration that the continuation of the bearish wave depends on the price stability below 86.90.
The expected trading range for today is between 85.00 support and 88.00 resistance.
The expected trend for today: Bearish