3M Stock Forecast

Buy or Hold candidate since Jan 13, 2025 Gain 9.13%

The 3M stock price gained 4.16% on the last trading day (Tuesday, 21st Jan 2025), rising from $141.03 to $146.89. It has now gained 6 days in a row. It is not often that stock manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 3.45% from a day low at $145.00 to a day high of $150.00. The price has risen in 9 of the last 10 days and is up by 13.11% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 5 million more shares were traded than the day before. In total, 10 million shares were bought and sold for approximately $1.52 billion.

The stock has broken the weak rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $139.26, a level that may pose a second chance to hit a runner. According to fan-theory $150.98 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.

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MMM Signals & Forecast

The 3M stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $138.27 and $132.03. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, December 18, 2024, and so far it has risen 17.07%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal. The stock had a Golden Star Signal on Monday, January 06, 2025 in the short-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Support, Risk & Stop-loss for 3M stock

On the downside, the stock finds support just below today's level from accumulated volume at $131.73 and $130.29. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, 3M finds support just below today's level at $131.73. If this is broken, then the next support from accumulated volume will be at $130.29 and $127.91.

This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $5.00 between high and low, or 3.45%. For the last week, the stock has had daily average volatility of 2.17%.

The 3M stock is extremely overbought on RSI14 (83). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken. Since the 3M has been rising for 6 days in a row, the risk over the next couple of days has increased. As we cannot be certain with regards to the size of the reaction, we urge caution.

Our recommended stop-loss: $139.05 (-5.34%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 83 and this increases the risk substantially. There is a buy signal from a pivot bottom found 20 days ago.)

Trading Expectations (MMM) For The Upcoming Trading Day Of Wednesday 22nd

For the upcoming trading day on Wednesday, 22nd we expect 3M Company to open at $147.30, and during the day (based on 14 day Average True Range), to move between $143.79 and $149.99, which gives a possible trading interval of +/-$3.10 (+/-2.11%) up or down from last closing price. If 3M Company takes out the full calculated possible swing range there will be an estimated 4.23% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ $131.73, some $15.16 (10.32%) from the current price of $146.89, our system finds the risk reward attractive.

Is 3M Company stock A Buy?

3M holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.

Current score: 0.000 Hold/Accumulate Unchanged

Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.

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Predicted Fair Opening Price

Predicted fair opening price on January 22, 2025 - $147.30 ( 0.277%).