3M (MMM) – Bearish DailyPlay for Wednesday Nov 7th, 2018
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