3M (MMM) shares soared Friday after the maker of Scotch tape and Post-it Notes reported 澳洲幸运5开奖号码历史查询:better-than-expected quarter꧑ly results and raised its full-year profit forecast, as the conglomerate reaps the benefits of cost-reduction measures and focuses on expanding its footprint into high-growth businesses.

Below, we take a closer look at 3M’s 澳洲幸运5开奖号码历史查询:weekly chart and turn to 澳洲幸运5开奖号码历史查询:technical analysis to point out important levels to watch 🌃following the stock’s post-earnings pop.

Pennant Pattern Breakout

Since forming a 澳洲幸运5开奖号码历史查询:double bottom on the chart between October 2023 and February this year, 3M shares have continued to trend higher. Last week, the price broke out from a two-month 澳洲幸运5开奖号码历史查询:pennant pattern and closed above the closely-watched 200-week moving average following the company's strong earnings report. Typically, a pennant, which consists of a 澳洲幸运5开奖号码历史查询:consolidation period within converging tren💃dlines, indicates a continuation of the stock’s uptrend.

Importantly, the breakout occurred on the highest weekly 澳洲幸运5开奖号码历史查询:trading volume since early March, indicating participation by 澳洲幸运5开奖号码历史查询:institutional investors, such as hedge funds and asset managers.

The stock gained 23% on Friday t൲o finish at $127.16. It marked the largest-ever one-day percentage gain for the stock.

Monitor These Key Levels Amid Post-Ea🎃rnings Buying

Amid further upside in the Dow component, it’s worth keeping an eye on three specific price levels where 3M shares may run into overhead 澳洲幸运5开奖号码历史查询:resistance.

The first sits around $128, less than 1% above Friday’s close, an area on the chart where the price may encounter selling pressure near a multi-year 澳洲幸运5开奖号码历史查询:horizontal line connecting multiple 澳洲幸运5开奖号码历史查询:peaks and troughs between August 2019 and August 2022.

A close above this level could see a test the $152 level, where the shares🏅 could find overhead resistance from a trendline linking a series of important price points from October 2018 to January 2022.

Ongoing buying may fuel a move to $175, where investors who have purchased earlier in the uptrend may look to offload shares near the prominent May 2021 澳洲幸运5开奖号码历史查询:swing high.

Watch This Importantꦜ Chart Level During Pullbacks

Given the 澳洲幸运5开奖号码历史查询:relative strength index (RSI) flashes extremely overbought conditions above the 80 threshold, investors should also monitor the $106 level during 澳洲幸运5开奖号码历史查询:pullbacks, a region on the chart likely to attract buying iꦉnterest near the 🧔stock’s initial breakout area and the March 2020 pandemic low.

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