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  1. Home
  2. / Investing

For 3M, It's a Tale of the Tape (and the Downward Sloping Charts)

With earnings set for Tuesday, let's see what the indicators say for this Dow name.
By BRUCE KAMICH
Jan 23, 2023 | 02:36 PM EST
Stocks quotes in this article: MMM

Company 3M ( MMM)  is scheduled to report earnings on Tuesday. Let's check the charts and indicators to see if this can get prices moving on the upside. 
 
In this daily bar chart of MMM, below, I see that prices are still below the declining 200-day moving average line. The 50-day moving average line is rolling over and prices are currently trading below it. The trading volume has been relatively flat and the On-Balance-Volume (OBV) line has been flatish since September. The Moving Average Convergence Divergence (MACD) oscillator is slightly below the zero-line. 
 
 
 
In this weekly Japanese candlestick chart of MMM, below, I see a mixed-chart picture. Prices are trading below the declining 40-week moving average line. The weekly OBV line has been weak since the middle of 2021 and tells me that sellers of MMM have been more aggressive for many months. The MACD oscillator has been improving but the two moving averages that comprise the indicator have been narrowing. 
 
 
In this daily Point and Figure chart of MMM, below, a downside price target of $105 is indicated. 
 
 
 
In this weekly Point and Figure chart of MMM, below, I can see a possible downside price target in the $63 area.
 
 
 
Bottom line strategy: Lately a number of stocks have been surprising on the upside, but the MMM charts are not suggesting shareholders will be that lucky. Avoid the long side ahead of earnings. 
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TAGS: Investing | Technical Analysis | Household Products | Earnings Preview

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