MMM is in a strong bullish uptrend after finding support around the 76 zone in March 2024. The stock has posted positive earnings for four consecutive quarters, meeting expectations. Trading above the daily trendline, it's likely to fill the gap formed after January earnings, setting up a new higher low.
Entry Suggestions:
For exits, consider a tiered approach. In the near term, aim to book profits around 154.4 and 172. Looking ahead, there's potential for further gains with targets at 182 and 215, although these may take longer to materialize. A weekly bearish divergence is forming and could influence price action around the upcoming earnings on April 29. Until then, the price seems well-positioned to hit the initial targets, making this an attractive trading opportunity.
Happy trading!
Entry Suggestions:
- Buy 1: 142.5
- Buy 2: 135.5
- Stop Loss (on closing basis): 124
For exits, consider a tiered approach. In the near term, aim to book profits around 154.4 and 172. Looking ahead, there's potential for further gains with targets at 182 and 215, although these may take longer to materialize. A weekly bearish divergence is forming and could influence price action around the upcoming earnings on April 29. Until then, the price seems well-positioned to hit the initial targets, making this an attractive trading opportunity.
Happy trading!
Trade attivo
Target 1 achieved! 
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.