3M tries to vent off oversold saturation - Analysis - 07-12-2021

3M's stock rallied 2.67% in the last session amid positive signals from the RSI after reaching oversold levels, while trying to recoup some losses and vent off oversold saturation in the RSI, amid the dominance of the downward correctional short-term trend, with negative pressure from the 50-day SMA.

Therefore we expect the stock to return lower, targeting the support of 169.20 anew, provided the resistance of 179.50 holds on.

Expected trend for today: Bearish