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MMM STOCK: ALL-TIME HIGHS

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ALL INDICATIONS ARE POINTING TO HIGHER 3M STOCK PRICES

All Indications Are Pointing to Higher 3M Stock Prices

Buz Investors 3M Stock Prices I have held a bullish view on 3M Co (NYSE:MMM) stock for quite some time. This view has been on the method I use to base my investment views. This method relies heavily on technical indicators and price patterns, which are used to decipher trends and forecast future prices. These indicators continue to mount, suggesting that higher 3M stock prices are a likely endeavor.


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3M STOCK PRICES

The method I mentioned is no mystery, as I have been a proponent of technical analysis for nearly two decades, and my previous successes in this style of analysis support the notion that technical analysis is an incredibly useful tool for investing and setting up trading strategies.

The moving average convergence/divergence (MACD) indicator in the lower panel of the above chart generated a bullish cross in May 2016, and this signal remains in bullish alignment, which supports the notion of higher MMM stock prices. MACD is an effective momentum indicator that uses signal-line crossings to distinguish between bearish and bullish momentum.

When a bullish cross is engaged, it suggests that bullish momentum has once again overwhelmed any bearish momentum and, as a result, the path of least resistance is toward higher prices.

It is not uncommon for a price to return to a previous level of resistance from above. This price action is highlighted on the chart above as a backtest, and it serves to reaffirm the view that the break above resistance was legitimate, and that higher prices are likely to follow.

The impulse wave is highlighted in green and the consolidation wave is highlighted in purple, on the MMM price chart above. This alternating wave structure is instrumental in the sustenance of a long-term trend. The signals that were generated within this bullish wave structure reinforce the view that higher stock prices are likely to follow.

The bullish signal that was generated within the impulse wave in March 2016 is a golden cross. This bullish signal is produced when the faster 50-day moving average, highlighted in blue in the above chart, crosses above the slower 200-day moving average, highlighted in red. Traders use this signal to confirm that a bull market is now in play.


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This article was written by Richard Dambrosi for http://investorsbuz.com on .

This article published in collaboration with Scutify, the best app for traders and investors. Download the Scutify iOS App, the Scutify Android App or visit Scutify.com.

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