The shares of 3M Co., an American diversified innovation and manufacturing company, are trading around 127.00.

On the daily chart, the price is holding an upward trend, completed the channel of 125.00–119.00, which can work as a Flag pattern.

On the four-hour chart, an exit from the above range is not confirmed since for this the price needs to consolidate above the high of 128.00. After the breakout, the instrument will continue to move to 136.00, which is an intermediate resistance. In the case of a reversal, a return to the channel and a breakdown of 125.00, the upward dynamics may temporally slow.

Technical indicators keep a stable buy signal: fast EMA on the Alligator indicator are above the signal line, and the AO oscillator histogram is forming new correction bars, staying in the buy zone.

Trading tips

Long positions should be opened after the price consolidates above the resistance level of 128.00, with the target at 136.00. Stop loss is 125.00. Implementation period: 7 days or more.

Short positions should be opened after the price consolidates below the support level of 124.70, with the target at 114.40. Stop loss is 130.00.