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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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