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Scotch Tape maker 3M Co (NYSE:MMM) is on a roll.
The St. Paul, Minnesota-based company clocked a fresh 52-week high of $129.99 during Wednesday trading. 3M stock has seen a phenomenal 40.20% gain year-to-date, a hefty 56.56% rise over the past year and a solid 22.84% jump in the last month alone.
But, is the rally sustainable? Let’s take a look at what the charts have to say.
Chart created using Benzinga Pro
3M's technical indicators are signaling a strong bullish trend:
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Chart created using Benzinga Pro
The Moving Average Convergence Divergence (MACD) indicator is showing a strong bullish signal at 4.85, supporting the overall positive trend.
Meanwhile, the Bollinger Bands (25), ranging from $103.79 to $139.60, have the stock trading within the upper bullish band — indicating bullishness. This aligns with the stock’s recent performance.
Despite the bullish signals, 3M's Relative Strength Index (RSI) is at 73.20, placing the stock in overbought territory. This suggests that while the stock has performed exceptionally well, it might be ripe for a correction or a period of consolidation.
3M's stock is hitting new highs, driven by strong technical indicators and bullish moving averages.
However, with the RSI indicating overbought conditions, investors should be mindful of potential short-term adjustments.
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Image: Shutterstock
Posted In: MMM
