3M Stock Forecast
Stronger technical forecast for 3M stock price after Tuesday trading.
(Updated on Jul 02, 2024)
The 3M stock price gained 1.00% on the last trading day (Tuesday, 2nd Jul 2024), rising from $100.61 to $101.62. During the last trading day the stock fluctuated 1.46% from a day low at $100.46 to a day high of $101.93. The price has risen in 6 of the last 10 days and is up by 1.08% over the past 2 weeks. Volume fell on the last day by -34 thousand shares and in total, 2 million shares were bought and sold for approximately $231.71 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the lower part of a wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $100.57 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 12.48% during the next 3 months and, with a 90% probability hold a price between $113.12 and $125.12 at the end of this 3-month period.
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MMM Signals & Forecast
The 3M stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $102.01. On a fall, the stock will find some support from the long-term average at approximately $101.04. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Friday, May 17, 2024, and so far it has fallen -3.46%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for 3M stock
3M finds support from accumulated volume at $98.44 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $1.47 between high and low, or 1.46%. For the last week the stock has had daily average volatility of 2.10%.
Our recommended stop-loss: $96.05 (-5.48%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 61 days ago.)
Trading Expectations (MMM) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect 3M Company to open at $101.34, and during the day (based on 14 day Average True Range), to move between $99.57 and $103.67, which gives a possible trading interval of +/-$2.05 (+/-2.02%) up or down from last closing price. If 3M Company takes out the full calculated possible swing range there will be an estimated 4.04% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $103.14 (1.50%) than the support at $98.44 (3.13%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is 3M Company stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for 3M stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 2.293 Buy Candidate Upgraded
Predicted Opening Price for 3M Company of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $101.34 ( 0.279%) | $101.62 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MMM
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 102.81 | 1.17% |
| R2 | 102.25 | 0.615% |
| R1 | 101.90 | 0.274% |
| Price | 101.62 | |
| S1 | 100.78 | -0.83% |
| S2 | 100.43 | -1.17% |
| S3 | 99.87 | -1.73% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 105.26 | 3.58% |
| R2 | 104.86 | 3.19% |
| R1 | 103.14 | 1.50% |
| Price | 101.62 | |
| S1 | 98.44 | -3.13% |
| S2 | 96.81 | -4.73% |
| S3 | 96.51 | -5.03% |
MMM Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 23, 2024 | May 23, 2024 | Jun 12, 2024 | $0.700 | 0.692% |
| 2 | Apr 01, 2024 | Apr 01, 2024 | Apr 01, 2024 | $17.39 | 18.50% |
| 3 | Feb 06, 2024 | Feb 15, 2024 | Mar 12, 2024 | $1.51 | 1.83% |
| 4 | Nov 07, 2023 | Nov 16, 2023 | Dec 12, 2023 | $1.50 | 1.75% |
| 5 | Aug 11, 2023 | Aug 21, 2023 | Sep 12, 2023 | $1.50 | 1.67% |
FAQ
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