The bearish DailyPlay we chose for Wednesday, Nov 7th is 3M (MMM). MMM is part of the Industrial Sector (XLI). Over the last month, XLI has experienced a 8.87% move lower and its 1m and 6m trend has turned bearish on 10/10 while breaking below its $78 support level.
3M’s 1m and 6m trends turned bearish on 10/10 and recently broke below its $197 resistance level which was prior support. With a technical score of 5 (out of 10), MMM is a neutral stock that is starting to turn lower.
As a stop loss, if MMM was to trade above $200 for multiple days, this would invalidate our analysis and suggest getting out of the trade.
Upcoming Event: How to Find Your Directional Edge – Thurs 11/8 @ 4:15 PM EST