3M Company (NYSE: mmm)’s breakout analysis using a technical candlestick chart.
Following a detailed study of the monthly timeframe candlestick data, our analysis reveals a significant spot. The stock has breached a vital level of 130, which served as a strong support point until mid-2022. This can also be called a Head and Shoulders pattern break.
From that point onwards, it kept making lower lows and lower highs, which was signaling a down trend. However, in the next weekly time frame, a new breakout level has emerged which may alter the trend.
113 is a new level that we identified as a breakout, as you can check in the uploaded image. Above the 113 price closing, the stock can move towards the 130 level.
Until then, an investor should either wait or consider entering around the 90 next support level at the downside.
Analysis date: 22 January 2024, Monday.
About 3M Company (NYSE: mmm)
The company has been operating for more than 100 years. 3M is a big American company that does many different things, like making products for industry, healthcare, and everyday use.
Their business operates in over 200 countries with a ton of products. 3M Company’s success comes from being creative and trying new things each year. 3M also encourages learning through things like libraries and seminars.
The company is included in the list of Dow 30. Its activity shows that, besides making cool things, it is committed to being good for the environment and helping out with important causes. They want to reduce their impact on the planet and support things like education and health through the 3M Foundation. This helps them be a good company for customers, workers, and the communities they’re in.
Percentage Return Calculation
| Year | January Open | December Close | % Change |
| 2019 | 187.82 | 176.42 | -6.07% |
| 2020 | 177.68 | 174.79 | -1.63% |
| 2021 | 175.00 | 177.63 | 1.50% |
| 2022 | 178.32 | 119.92 | -32.77% |
| 2023 | 121.52 | 109.32 | -10.03% |
Study from the above table: the percentage change indicates that the stock has lost more than 40% of its value in the last four years, which indicates that the company is facing some challenges. [Percentage return calculation is based on stock’s 1-January open price to 31-December close price.]