3M (MMM) Rejected at Expected Resistance; Bearish Correction Likely to Extend
Last week, we noted that 3M $MMM was approaching a key area that used to be support. Because of the prevailing downtrend, we suggested anticipation of resistance in the $175-$180 area.
3M (MMM) Testing Previous Support Area of $175-$180 as Resistance
3M Daily Chart

(click to enlarge)
Support Turned Resistance:
- As expected, that $175-$180 area did become resistance.
- This week, MMM's share price is sliding sharply below $170 and now testing $165.
- It looks poised to challenge the low from early June at $160.
- We have discussed downside to the $140 or even $130 area (avg: $135). On the weekly chart, we can see this as a common support area from late 2014 to early 2016.
- The long-term bullish trend is broken, and we are at least in a medium-term bearish trend (a year or two).
- If this bearish correction is indeed medium-term, we should see support around $135. I believe this will be the case. ( I have dry powder waiting at $140).
- A break below $130 on the other hand would reflect a more significant, and long-term bearish trend.
3M Weekly Chart

(click to enlarge)