3M Close to 200 Day Moving Average

Published on Monday, 06 February 2012 20:16 Written by TradersHuddle Staff

New York, February 6th (TradersHuddle.com) - Shares of 3M Company (NYSE:MMM) traded at $87.56 close to its 200 day moving average currently set at $85.01. 3M's price action is just above this key support level, and it will certainly raise traders attention, as a possible trading opportunity.

3M Co.(NYSE:MMM) conducts operations in diversified areas like telecommunications, industrial, consumer and office, health care, safety, and other markets. The Company's businesses share technologies, manufacturing operations, brands, marketing channels, and other resources. 3M serves customers in countries located around the world, with products like Post-it Notes, Nexcare bandages, and Scotch tapes. The company was formerly known as Minnesota Mining and Manufacturing Company and i was founded in 1902, with its headquarters in St. Paul, Minnesota.

Latest price action range, defined by a peaks and troughs algorithm places calculated support at $77.51 and calculated resistance at $85.19. These levels will certainly be watched by traders, as they provide insight into the latest price dynamics defined by 3M stock.

Traders wanting to establish a position on 3M will be looking at the price action for evidence of buying near the 200 day moving average, and opening a position as close as possible to this important level. Also traders will be looking at the latest price action, via the stocks current range previously defined for insights of other key levels that might affect their upside or downside.