3M Stock: Will MMM Stock Price hold $100 and rise upward?

• 3M Stock Price (NYSE: MMM) by 7% in the current month and showed a decent recovery from 52 week low.
• The 3M Stock Price trying to sustain the price above the 50 day EMA. 
• MMM Stock Price struggles to hold the price above $100.00.

3M Stock Price (NYSE: MMM) up by 7% in the current month and showed the initial signs of bullish trend reversal. 

MMM Stock Price showed a decent bounce from the lower levels and is trying to break out of the 50 day EMA. If buyers succeed then to hold the price above the 50 day EMA then the short term trend will reverse in the favor of bulls. 

However, the 200 day EMA is also coming near to the price which will act as the next hurdle for bulls. From the past couple of months, 3M Stock is declining by forming lower low swings and eroded a big portion of market capitalization. 

The downfall halted near $92.00 and displayed a bullish hammer candle. Later, 3M Stock witnessed a massive surge in the buying volume and prices also shot up 8% in the single day. It created a hope for trend reversal but prices failed to give the follow up momentum. 

3M Stock Price has corrected a lot, So possibility of V-Shape recovery remains low. However, If the prices did not decline further and begin to consolidate in a narrow range. Then it might be an indication of long term base formation.

3M Stock: Bullish Trend Reversal possible

3M Stock Price has not performed well in the past year and is down by 18% on a YTD basis. The recent up move has created another hope for the bulls but the price will gain momentum only above $115.00. Till then the reliability of any short term up-move will remain doubtful. 

However, if the price faces rejection from $100.00 then bears may again try to test the 52 week low. 3M Stock Price is closed the previous session at $100.43 with an intraday decline of -1.02%. The market capitalization stands at $54.50 Billion. 

The technical analysis suggests, MMM Stock Price will consolidate for some time near $100 but eventually it will rise upward. Therefore, the probability of bullish trend reversal in the coming months is high.

Will MMM Stock Price break the higher range?

On a weekly timeframe, MMM Stock Price seems to be stuck into the range between $96.00 to $108.00. Bulls are trying their best to expand the range upward but the big money seems to be not participating in this. 

The MACD curve reverses down from the zeroline and may generate a negative crossover again. However, confirmation is awaited. Therefore, the short term trend is still in the bulls grip.

The RSI at 48 sloping sideways denotes neutral territory and equal level of tug of war between buyers and sellers. 

Conclusion 

3M Stock Price (NYSE: MMM) showed a decent recovery from the 52 week low and showed signs of trend reversal. MMM Stock Price is struggling to hold the price above $100 to regain the confidence of investors. 

The technical analysis suggests, The 3M Stock Price is in the initial phase of trend reversal. But the prices are likely to consolidate for some time in a narrow range before deciding direction. 

Technical levels

Resistance levels: $111.00 and $121.00

Support levels: $95.00 and $92.00

Disclaimer

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