3M (MMM) Tumbles And Still Has Lower To Go, Here's The Trade
Today, leading Dow Jones Industrial Average component, 3M Co (NYSE:MMM), is declining lower by $25.61 to $193.47 a share. The stock reported earnings earlier today that are not being well received by the street. The company cut its 2019 earning forecast and said it will lay off 2,000 workers. Often, when stocks plunge from recent highs like this it will take a lot of time for the shares to recover. If fact, the current chart pattern signals further downside in the stock price before major chart support is found. At this point in time, the only level that looks like solid support will be around the $175.00 area. This is a level where the stock was defended in December 2018 and should be solid support again when tested.