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 Resistance3M 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)