MMM Rallies 3% on Oversold Rebound
$3M(MMM)$
MMM Jumps +3.05%: Rebound Momentum Builds, Eyes on $167.95 Resistance
Latest Close Data
Closed at $160.63 (pre-market), up +3.05% (+$4.75) on 01/22. Price is ~8.1% below its 52-week high of $174.69.
Core Market Drivers
Positive capital flow data over the last two trading sessions suggests institutional buying interest may be returning.
The stock continues to trade with a focus on its ongoing restructuring and legal settlement news flow.
Technical Analysis
Volume of 5.56M shares was below average (VR 0.86), indicating the rally lacked heavy conviction. However, the 6-day RSI surged from 23.08 to 42.17, showing a strong bounce from oversold conditions.
The MACD remains negative but its histogram improved, hinting at slowing bearish momentum.
Key Price Levels
-
Primary Support: $155.95 (Recent swing low).
-
Strong Resistance: $167.95 (Key technical hurdle from 01/22).
-
Immediate Pivot: $160.63 (Today's close, crucial for continuation).
Valuation Perspective
Forward P/E of 18.03x sits above its historical average of 15.47x, suggesting the market is pricing in a recovery. TTM P/E is elevated at 26.77.
Analyst Targets
17 analysts have an average price target of $173.15. Sentiment is mixed but leans positive: 4 Strong Buy, 6 Buy, 9 Hold, 1 Underperform.
Weekly Outlook
Expect consolidation between $156 and $168. A sustained break above $167.95 resistance could target the $173-$175 zone. Failure to hold $156 may see a retest of lower support.
Risk Disclaimer
This analysis is for informational purposes only and not financial advice. Past performance does not guarantee future results. Investing involves risk, including potential loss of principal. Conduct your own research before making any investment decisions.
For SG users only, Welcome to open a CBA today and enjoy access to a trading limit of up to SGD 20,000 with unlimited trading on SG, HK, and US stocks, as well as ETFs.
🎉Cash Boost Account Now Supports 35,000+ Stocks & ETFs – Greater Flexibility Now
Find out more here.
Complete your first Cash Boost Account trade with a trade amount of ≥ SGD1000* to get SGD 688 stock vouchers*! The trade can be executed using any payment type available under the Cash Boost Account: Cash, CPF, SRS, or CDP.
Other helpful links:
-
💰Join the TB Contra Telegram Group to Get $10 Trading Vouchers Now🎉
-
How to open a CBA. How to link your CDP account. Other FAQs on CBA. Cash Boost Account Website.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
