Watch These 3M Stock Price Levels After Earnings-Driven Pop

3M (MMM) shares soared Friday aft nan shaper of Scotch portion and Post-it Notes reported better-than-expected quarterly results and raised its full-year profit forecast, arsenic nan conglomerate reaps nan benefits of cost-reduction measures and focuses connected expanding its footprint into high-growth businesses.

Below, we return a person look astatine 3M’s weekly chart and move to technical analysis to constituent retired important levels to watch pursuing nan stock’s post-earnings pop.

Pennant Pattern Breakout

Since forming a double bottom connected nan floor plan betwixt October 2023 and February this year, 3M shares person continued to inclination higher. Last week, nan value collapsed retired from a two-month pennant pattern and closed supra nan closely-watched 200-week moving mean pursuing nan company's beardown net report. Typically, a pennant, which consists of a consolidation play wrong converging trendlines, indicates a continuation of nan stock’s uptrend.

Importantly, nan breakout occurred connected nan highest play trading volume since early March, indicating information by institutional investors, specified arsenic hedge costs and plus managers.

The banal gained 23% connected Friday to decorativeness astatine $127.16. It marked nan largest-ever one-day percent summation for nan stock.

Monitor These Key Levels Amid Post-Earnings Buying

Amid further upside successful nan Dow component, it’s worthy keeping an oculus connected 3 circumstantial value levels wherever 3M shares whitethorn tally into overhead resistance.

The first sits astir $128, little than 1% supra Friday’s close, an area connected nan floor plan wherever nan value whitethorn brushwood trading unit adjacent a multi-year horizontal line connecting aggregate peaks and troughs betwixt August 2019 and August 2022.

A adjacent supra this level could spot a trial nan $152 level, wherever nan shares could find overhead guidance from a trendline linking a bid of important value points from October 2018 to January 2022.

Ongoing buying whitethorn substance a move to $175, wherever investors who person purchased earlier successful nan uptrend whitethorn look to offload shares adjacent nan salient May 2021 swing high.

Watch This Important Chart Level During Pullbacks

Given nan relative spot scale (RSI) flashes highly overbought conditions supra nan 80 threshold, investors should besides show nan $106 level during pullbacks, a region connected nan floor plan apt to pull buying liking adjacent nan stock’s first breakout area and nan March 2020 pandemic low.

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