Chart of the Day – 3M Company (MMM)

by John Lansing | October 7, 2010 11:23 am

The Chart of the Day is 3M Company (NYSE: MMM[1]). 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[2] 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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Endnotes:
  1. MMM: http://studio-5.financialcontent.com/investplace/quote?Symbol=MMM
  2. ascending triangle: http://investorplace.com/stock-picks/technical-analysis/chart-patterns/bullish-chart-patterns.html
  3. Click here to sign up now!: http://investorplace.com/order/?sid=DH4200

Source URL: http://investorplace.com/2010/10/chart-of-the-day-3m-company-mmm/
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