by John Lansing | October 7, 2010 11:23 am
The Chart of the Day is 3M Company (NYSE: MMM). After the destruction of so many high-beta tech stocks yesterday, 3M is about the best there is. I typically provide specific entry, exit and targets with the Chart of the Day; however, today it’s more of a stock to keep an eye on.
MMM’s chart shows an ascending triangle that will run into resistance at the $93 gap down level. But that still leaves a few points of upside in the stock and a possible play on a pullback.
In the video, I cover the bullish and bearish implications. Even if we can’t make a trade out of it just yet, it’s an interesting chart pattern that deserves a little attention.
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