3M Stock Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
3M stock downgraded to Sell Candidate
(Updated on Apr 29, 2024)
The 3M stock price gained 0.359% on the last trading day (Monday, 29th Apr 2024), rising from $91.83 to $92.16. During the last trading day the stock fluctuated 1.16% from a day low at $91.56 to a day high of $92.62. The price has risen in 6 of the last 10 days and is up by 0.94% 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, 857 thousand more shares were traded than the day before. In total, 4 million shares were bought and sold for approximately $410.75 million.
The stock is at the lower part of a wide and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $90.61 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect 3M stock with a 90% probability to be traded between $90.81 and $108.46 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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MMM Signals & Forecast
There are mixed signals in the stock today. The 3M stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $92.19 and $96.84. A break-up above any of these levels will issue buy signals. A buy signal was issued from a pivot bottom point on Thursday, April 04, 2024, and so far it has risen 1.79%. 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.
Support, Risk & Stop-loss for 3M stock
3M finds support from accumulated volume at $91.82 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 $1.06 between high and low, or 1.16%. For the last week the stock has had daily average volatility of 1.44%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (MMM) For The Upcoming Trading Day Of Tuesday 30th
For the upcoming trading day on Tuesday, 30th we expect 3M Company to open at $92.11, and during the day (based on 14 day Average True Range), to move between $90.18 and $94.14, which gives a possible trading interval of +/-$1.98 (+/-2.15%) up or down from last closing price. If 3M Company takes out the full calculated possible swing range there will be an estimated 4.30% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $91.82 (0.37%) than the resistance at $94.02 (2.02%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
3M will release earnings BMO on Tuesday, April 30, 2024.The consensus among the analysts for the expected earnings (EPS) is $2.08. We will update the financials statements for 3M, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 4.70% in the first trading day after earnings release.
Is 3M Company stock A Buy?
3M holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -1.394 Sell Candidate Downgraded
Predicted Opening Price for 3M Company of Tuesday, April 30, 2024
| Fair opening price April 30, 2024 | Current price |
|---|---|
| $92.11 ( 0.0506%) | $92.16 |
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 | |||
|---|---|---|---|---|
| Resistance | R3 | 93.17 | 1.10 % | |
| R2 | 92.77 | 0.660 % | ||
| R1 | 92.52 | 0.389 % | ||
| Current price: | 92.16 | |||
| Support | S1 | 91.71 | -0.490 % | |
| S2 | 91.46 | -0.761 % | ||
| S3 | 91.05 | -1.20 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 105.00 | 13.93 % | |
| R2 | 98.72 | 7.12 % | ||
| R1 | 94.02 | 2.02 % | ||
| Current price | 92.16 | |||
| Support | S1 | 91.82 | -0.369% | |
| S2 | 91.44 | -0.781% | ||
| S3 | 90.54 | -1.76% |
MMM Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 06, 2024 | Feb 15, 2024 | Mar 12, 2024 | $1.51 | 1.83% |
| 2 | Nov 07, 2023 | Nov 16, 2023 | Dec 12, 2023 | $1.50 | 1.75% |
| 3 | Aug 11, 2023 | Aug 21, 2023 | Sep 12, 2023 | $1.50 | 1.67% |
| 4 | Aug 11, 2023 | Aug 18, 2023 | Sep 12, 2023 | $1.50 | 1.67% |
| 5 | May 09, 2023 | May 18, 2023 | Jun 12, 2023 | $1.50 | 1.77% |
FAQ
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