As billions in legal costs loom, 3M (MMM) has emerged as the worst-performing stock on the Dow. However, technical analysis suggests that there may be a glimmer of hope for the struggling stock.
The Moving Average Convergence Divergence (MACD) for MMM turned positive on March 28, 2023. This is a bullish signal that indicates the potential for an upward trend in the stock's price.
To get a better understanding of what this means for MMM, we can look at past instances where the stock's MACD turned positive. According to historical data, the stock continued to rise in 25 of 45 cases over the following month. This means that the odds of a continued upward trend are approximately 56%.
It's important to note that while technical analysis can provide insights into the direction of a stock's price, it's not a guaranteed predictor of future performance. Other factors, such as market conditions and company-specific news, can also have a significant impact on a stock's price.
In the case of MMM, the looming legal costs are a major concern for investors. The company has already set aside billions of dollars to cover these costs, and there is a risk that they could have a significant impact on the company's financial performance.
Despite these challenges, the positive MACD signal for MMM suggests that there may be some hope for the stock in the short term. Investors should keep a close eye on the stock's performance in the coming weeks and months to see if this trend continues or if other factors come into play.
MMM saw its Momentum Indicator move above the 0 level on August 15, 2024. This is an indication that the stock could be shifting in to a new upward move. Traders may want to consider buying the stock or buying call options. Tickeron's A.I.dvisor looked at 89 similar instances where the indicator turned positive. In of the 89 cases, the stock moved higher in the following days. The odds of a move higher are at .
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows