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's Aroon Indicator triggered a bullish signal on July 15, 2024. Tickeron's A.I.dvisor detected that the AroonUp green line is above 70 while the AroonDown red line is below 30. When the up indicator moves above 70 and the down indicator remains below 30, it is a sign that the stock could be setting up for a bullish move. Traders may want to buy the stock or look to buy calls options. A.I.dvisor looked at 220 similar instances where the Aroon Indicator showed a similar pattern. In of the 220 cases, the stock moved higher in the days that followed. This puts the odds of a move higher at .
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows