3M aimed at 242

Just like on many other stock charts, the 3M has begun a decline because of encountering a resistance line of a long term trend (yellow line). The trend is best observable on the weekly chart.

(Too bad that the resulting decline in a short term channel down pattern (black lines) erased the profits created by the beat earnings .)

Before you read on, note that I am biased, because I like the fundamentals of the company. Their stuff is one of the type of products that nobody talks about but everybode uses and will use.

So in regards to the technicals of the charts. The pair got to the previously mentioned massive resistance by going in a medium scale ascending wedge . Yes, I know that they are rare and usually those are bad drawn channels, but this thing had wedges , that have created a large parabolic advance. An advance that should have eventually create a descent.

Initially I expected that there will be a retracement later on, but Trump's memo has caused a sell of and so the retracement has begun. In general we have a short term channel, which is aimed to reach the support of the medium scale wedge . The support is located at the 242.00. I will be watching that level to see whether we will have another attempt at the yellow line and a half a month surge, or the stock will drop to reach for new low levels and form a new medium scale pattern.

However, there is one interesting aspect that keeps bugging me in the back of my head. Look at the horizontal line at 245!!! It provided support before the earnings call, and the price ended the session at that level on Friday.

I tried drawing fibos with various low and high levels or find any other justification, why did someone kept buying at that level and kept the price up, but failed. If anyone has any input in regards to that level, please send a PM or better yet, post a comment.

Yours sincerely,

P.S. marking the idea as long, because I am still staying long at the time of writing. However, will notify, if I close up the position. (It would occur, if the 242 is passed.)
Kommentar: I am leaving 3M alone. It won't recover until the market participants aren't done with cherry picking most popular stocks.

Kommentar: The stock has started a short term rebound in the borders of the medium term channel down pattern.

However,I think that in this and the previous shots I have mixed up the colors. Not my usual pallet.
Kommentar: Wrong chart..

Kommentar: Like so many others. The 3M stock is at a medium scale resistance. Although, I see that not only channel drawers see the stocks in general at a resistance.

Look up the SPY idea that I have published. It has more on the fundamentals of the markets.

Kommentar: Lock in profits or cash out.

Meanwhile, watch that second monthly pivot point. If that gets breached, more to gain until that 200 hour SMA, which might slow down the surge and initiate horizontal movement.
Kommentar: Surge went above the pivot point, but there was something else.

A Fibo stoped the surge and forced a limbo around the PP.

Kommentar: Getting in on the breaking of the Fibo. However, I see this as a very short term one.

Red line is my last chance to exit. Green one represents me being in the green, if I am above it.
Kommentar: Well.. that attempt to go long went very wrong for me. I did not do proper risk management from the fundamental side and did not knew about Powells testimony.

Kommentar: Well.. I will mark this down as the time, when I bought the top.. :D

Kommentar: It worked.

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