3M may rise to 150.90 - 158.70

Our pivot point stands at 114.2.

Our preference

The upside prevails as long as 114.2 is support.

Alternative scenario

The downside breakout of 114.2 would call for 101.5 and 93.9.

Comment

The RSI is trading above 70. This could mean that either the stock is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the stock is above its 20 and 50 day moving average (respectively at 106.4155 and 103.1424). Finally, 3M has crossed above its upper daily Bollinger band (123.84).

Supports and resistances

166.5 **

158.7 *

150.9 **

143.1

126.75 (USD-last)

119.1

114.2 **

101.5 *

93.9 **

Number of asterisks represents the strength of support and resistance levels.