Market Technical View is a blog that mostly concerns the technical analysis of different financial instruments like indices, commodities, stocks, ETFs and currencies.

All the posts are structured in 3 main chapters that can be found in Content, in the upper right-hand corner of the blog.

Market perspective. The technical approach consists of chart patterns and important support/resistance zones. The purpose of this section is to give directions of the price on short and medium term (a few days up to a few months).

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Tuesday, May 8, 2012

3M Co (MMM) - Strong resistance in the $90.00 area. 2012.05.08

The 3M shares price reached the $90.00 resistance twice in the last couple of months which is stand in the same area as the T1 trend line.

The most probable scenario is a correction in the next few weeks, targeting the $85.00 support in the first stage. If no great news will occur, than the investors will react to the multiple resistances in the $90.00 area.

On the short term the price action created a rising channel which was broken yesterday. This usually triggers a sell signal.

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