3M Still Points Up, but Be Disciplined

3M Corp. (MMM) still has one of the best-looking charts in that narrow club of 30 companies that make up the Dow Jones Industrial Average. Prices bottomed out in late 2015/early 2016 around $135 and they look to be headed still higher from here.

However, before we get too far ahead in this bullish story let's check the latest charts and indicators. In this daily bar chart of MMM, below, we can see that prices made a lengthy sideways consolidation patter from June to February. By the middle of February MMM broke out over the chart resistance in the $180-$182 area. Prices are above the rising 50-day moving average line as well as the rising 200-day moving average line. There was a bullish golden cross of these two moving average lines in early January before prices broke out. More often than not moving average signals are late....261 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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