3M Company (NYSE:MMM) reported earnings this morning, beating Wall Street estimates but lowering their guidance going forward. The stock is getting pounded today, trading at $84.21, -6.16 (-6.82%). While this drop is drastic, it is nearing key support levels that may give traders a chance to play for a bounce. The first support level has already been tagged today and can be seen on the chart below. This level is at $83.85. The next level is the 200 moving average on the daily chart which sits at $83.15. Generally, be cautious and look for the lower support.
Chief Market Strategist