CHART OF THE WEEK - 3M (MMM)

My Youtube Channel	Facebook Group	My CC Podcasts	FREE Spreadsheets	CPTDashboard.com
Click here	Click here	Click here	Click here	Click here
DISCLAIMER: This chart is based on this date. Im not suggesting a move up or down. I'm showing a chart I'm watching. I'm not recommending this stock as a purchase. Think of it like this, your showing the world thru my eyes and how I see this chart. Period!
CHART OF THE WEEK
3M Corp.	MMM		LAST TRADE >	$175.37
See the World thru my eyes' - chart breakdown of the week
3M is one that has my eye right now ... I do own shares and am looking to pick up more. Here's my take, the China Trade wars have crushed 3M's growth numbers and Wall Street hasn't been bashful knocking it down from its highs of over $250 ... seems every time we get good news from Trump or China, Wall Street puts a little towards 3M. I think with it closing trading Friday ABOVE its SMA (200) moving average... if it holds, that will become new support (minus any market sell offs for profits) and this could be a nice little trading range for MMM - I like the mid $160's and a possible $180 run. Right now its not hitting all my chart indicators so I'm watching ... keep an eye on it, maybe you too will see it as I do. If not, wish me luck :)
RSI	SMA (100)	SMA (200)	KELT MID	OBV TREND
62.61	167.7	172.65	169.64	SIDEWAYS/HIGHER
CLICK IMAGE TO SEE IT LARGER IN ITS OWN BROWSER WINDOW

What's the RSI telling me?
RSI - 60/70 represents a stock that might be at the top of its range, The chances of it coming higher could be less than a selloff for profits. I buy with caution
3M's RSI is definitely higher ... but with the other chart indicators in consideration, its not a deal breaker for me. I'm watching it and if I miss a buy then I will hold off until it comes back on any sort of profit taking.
Support Lines
SMA - When looking for a 'Low Entry' purchase we would love to BUY near the 100 day or 200 day support line. Its not 100% but its a 'Buy Low' situation vs 'Buying High'
As mentioned above, it rallied and closed ABOVE its 200 day moving average.. this is good and a sign that new support is being formed
Keltner Channel Breakdown
KC - The stock is trading UNDER the KC MID line which presents more of a 'Low Entry' purchase and now is the time for me to start watching the stock. I like buying for value UNDER the MID line.
Trading above the LC MID but notice the chart ... its been dancing the MID for a good 1/2 month ... that base could be the support that moves it higher. Notice when it dipped under, did not take long and Wall Street rallied it.
On Balance Volume or buying momentum ... is it trending Up?
OBV - The 'On Balance Volume' trend line is UP which tells technical traders that the stock has good momentum or in straight talk, people are BUYING IT. This is a 'Green' checkmark for me.
OBV is more SIDEWAYS but with the recent pop, its moving in the right direction. More conviction to my thinking Wall Street might be seeing this being a value play for 2020 as they try to find great companies that aren't already at All Time Highs ... and the dividend and BIG!
Further research with - Using charts for technical analysis, Dividend information and Earnings Report Date
RSI, SUPPORT LINES		KELTNER, OBV
View Chart-MMM		View Chart-MMM
Definition of the various charting indicators I use
RSI - The Relative Strength Index (RSI), developed by J. Welles Wilder, is a momentum oscillator that measures the speed and change of price movements. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30. Source - https://www.investopedia.com/terms/r/rsi.asp
SMA (100/200) - A simple moving average (SMA) is an arithmetic moving average calculated by adding recent closing prices and then dividing that by the number of time periods in the calculation average. ... Short-term averages respond quickly to changes in the price of the underlying, while long-term averages are slow to react. Source - https://www.investopedia.com/terms/s/sma.asp
KC - The Keltner Channel is a moving average band indicator whose upper and lower bands adapt to changes in volatility by using the average true range. The Keltner Channel is used to signal possible price breakouts, show trend, and give overbought and oversold readings. Source - https://www.investopedia.com/terms/k/keltnerchannel.asp
OBV - On-balance volume (OBV) is a technical trading momentum indicator that uses volume flow to predict changes in stock price. ... He believed that when volume increases sharply without a significant change in the stock's price, the price will eventually jump upward or fall downward. Source - https://www.investopedia.com/terms/o/onbalancevolume.asp
Disclaimer - Yes - at the time of this posting I do have a position in this equity. By posting this I am by no means recommending this equity and am not front running for its performance. I have risked my own money and am accountable for the trade results.
Image credits - stockcharts.com | barchart.com | foolcdn.com | yahoo.com | earningswhispers.com | and me :)
© 2019/20 Core Position Trading, LLC and the CPT Dashboard - All Rights Reserved				Disclaimer