Is 3M Poised for a Breakout?
Shares of 3M (MMM) appear to be on the verge of a significant breakout. The stock closed last week with an impressive 2.8% gain on heavy trading. The positive action began with a gap higher open that lifted MMM to fresh June highs. This week, the stock has continued to drift higher, while volume has tailed off dramatically. The additional gains have pushed MMM back up to a key supply area near $90.00. With a close above this level, 3M will be trading at fresh 2012 highs and leaving behind what could develop into a major support zone.
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