The bearish DailyPlay we chose for Thursday Oct 27th is 3M (MMM). MMM is part of the Industrials Sector (XLI). Over the last month, XLI has experienced a 1.24% move lower and it’s 1m and 6m trend turned bearish and neutral on 10/7 while continuing to make lower highs.
3M’s 1m and 6m trends turned bearish on 10/4 and recently broke below its $175 support level on high volume. With a technical score of 3 (out of 10), MMM looks positioned to continue this strong bearish trend lower.
As a stop loss, if MMM was to trade above $175 for multiple days, this would invalidate our analysis and suggest getting out of the trade.