Daily 4XSetUps - Selling Pressure Since QR Is Still Deep On MMM

2024/11/19
Daily 4XSetUps - Selling Pressure Since QR Is Still Deep On MMM
“over -10% within 4 trading days & the price action is still in between!
will the price action break up or down this year 2024? next year 2025?”


The price action is at $128.78
around 1920 CET (Central European Time).
The -10% crash still seems to be deep in the price action. Therefore the MMM share is more than damaged! Don't let us kid ourselves? What is crucial now is that the $119.31 holds. Because there are, at least from a technical analysis perspective, no major price action areas where support could lurk for us bulls! Except $112.96? The penultimate quarterly results more than convinced the market. And the stock opened with a bullish GAP from $103.39. Therefore, be sure to adhere to the stop price of $111! If not, pull the ripcord beforehand? To protect yourself from emerging losses.

“Truth - more precisely, an accurate understanding of reality - is the essential foundation for producing good outcomes.”
Ray Dalio

However, I don't want to let you
bearish alone with this MMM share.
Essential, i.e. necessary for survival, is the price action between $141.34 and/or even $124.50. Because it cements the selling pressure of the bears more or less - and bulls like us, who implement this long 4XSetUp, should definitely pay attention to whether the price action is moving within, let alone outside. Sure, a price action above would be super bullish - let alone a fall below $124.50 really really bearish. I don't want to fool us. But hope still lives; at the beginning of last week the price action peaked at $134.35 - but since then it has been falling again. The MMM share does not seem to be able to escape the current selling pressure on Wall Street. So we first have to wait and see whether the lows of the last few months hold? Which is what I'm assuming - that's what this long 4XSetUp is aimed at. So that something like a bottom will be formed by the end of 2024. So that the price action can then continue to rise in 2025!?

$141.34 : 2024/10/22 - October 2024 High
$140.72 : 2024/09/26 - September 2024 High
$135.34 : 2024/11/11 - November 2024 High
$134.99 : 2024/08/31 - August 2024 High
$128.70 : 2024/11/19 - last price action
$127.12 : 2024/09/11 - September 2024 Low
$124.83 : 2024/11/05 - November 2024 Low
$124.50 . 2024/10/25 - October 2024 Low
$119.31 : 2024/08/05 - August 2024 Low
As you will understand after listing the monthly highs and/or monthly lows since August 2024, the MMM share has been moving more or less in a sideways trend. What is crucial is that the previous lows since August 2024, at $119.31, will not break down. So that we then have a solid price action consolidation zone - and can wait for the coming quarterly figures. Which will be released on January 28, 2025.

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$150.00 - Target Price
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$128.70 - last price action
$128.00 - Entry Price
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$111.00 - Stop Price
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With best wishes
and with good intentions!
Aaron



“daily 4XSetUps - …” is pure information material!
By trying to give you even more information about some trading capabilities to trade and/or invest in some securities. This post is not a call to action - it only provides information. You decide (not) to decide. Even if I am writing daily 4XSetUps with concrete entry prices, target prices and/or also stop prices! It is like it is - like I said; You decide to respond to the analysis I just formulated to buy, to sell, or to do nothing! More information about my approaches to investing in something specific or just trading it, or even just describing it, can be found in the daily "Another 48h - DXY ...! Analysis Post. Where I try to track the price action in DXY every day so that we learn something new daily.