3M breaches important support - Analysis - 25-01-2023

Economies.com
5 days ago

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 

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