3M Company Stock Forecast
3M Company stock downgraded from Strong Buy Candidate to Buy Candidate after Tuesday trading session.
(Updated on May 14, 2024)
The 3M Company stock price fell by -0.334% on the last day (Tuesday, 14th May 2024) from 92.90€ to 92.59€. During the last trading day the stock fluctuated 1.37% from a day low at 92.14€ to a day high of 93.40€. The price has been going up and down for this period, and there has been a 7.63% gain for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -5 thousand shares and in total, 2 thousand shares were bought and sold for approximately 158.24€ thousand.
The stock lies in the middle of a wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 2.89% during the next 3 months and, with a 90% probability hold a price between 87.50€ and 104.13€ at the end of this 3-month period.
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MMM.DE Signals & Forecast
The 3M Company 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 90.80€ and 88.82€. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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 Monday, May 13, 2024, and so far it has fallen -0.334%. Further fall is indicated until a new bottom pivot has been found. Volume fell along with the price during the last trading day, which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk.
Support, Risk & Stop-loss for 3M Company stock
3M Company finds support from accumulated volume at 90.51€ and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved 1.26€ between high and low, or 1.37%. For the last week the stock has had daily average volatility of 1.35%.
Our recommended stop-loss: 89.12€ (-3.75%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (MMM.DE) For The Upcoming Trading Day Of Wednesday 15th
For the upcoming trading day on Wednesday, 15th we expect 3M Company to open at 92.71€, and during the day (based on 14 day Average True Range), to move between 90.67€ and 94.51€, which gives a possible trading interval of +/-1.92€ (+/-2.07%) up or down from last closing price. If 3M Company takes out the full calculated possible swing range there will be an estimated 4.14% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at 93.81€ (1.32%) than the support at 90.51€ (2.25%), 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 Company stock to perform well in the short-term. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate.
Current score: 3.582 Buy Candidate Downgraded
Predicted Opening Price for 3M Company of Wednesday, May 15, 2024
| Fair opening price May 15, 2024 | Current price |
|---|---|
| 92.71€ ( 0.130%) | 92.59€ |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MMM.DE
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 93.97 | 1.49 % | |
| R2 | 93.49 | 0.97 % | ||
| R1 | 93.19 | 0.649 % | ||
| Current price: | 92.59 | |||
| Support | S1 | 92.23 | -0.390 % | |
| S2 | 91.93 | -0.711 % | ||
| S3 | 91.45 | -1.23 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 96.64 | 4.37 % | |
| R2 | 95.97 | 3.65 % | ||
| R1 | 93.81 | 1.32 % | ||
| Current price | 92.59 | |||
| Support | S1 | 90.51 | -2.25% | |
| S2 | 89.48 | -3.36% | ||
| S3 | 86.21 | -6.89% |
MMM Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 15, 2024 | Feb 15, 2024 | Mar 12, 2024 | 1.40€ | 1.85% |
| 2 | Nov 16, 2023 | Nov 16, 2023 | Nov 16, 2023 | 1.50€ | 2.03% |
| 3 | May 18, 2023 | May 18, 2023 | May 18, 2023 | 1.50€ | 1.93% |
| 4 | Feb 16, 2023 | Feb 16, 2023 | Feb 16, 2023 | 1.50€ | 1.71% |
| 5 | Nov 08, 2022 | Nov 17, 2022 | Dec 12, 2022 | 1.49€ | 1.48% |
FAQ
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