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3M Company Support Levels

 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.   

Gareth Soloway
Chief Market Strategist
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