Technical analysis

3M Wave Analysis 18 November, 2020

3M Wave Analysis 18 November, 2020

• 3M reversed from resistance level 173.00

• Likely to fall to 165.00

3M today reversed down from the strong resistance level 173.00 (which has been reversing the price from the middle of September) – intersecting with both the upper daily Bollinger Band and the upper weekly Bollinger Band.

The downward reversal from the resistance level 173.00 started the active short-term impulse wave (c) – which is a part of the ABC correction 2 from October.

3M is likely to fall further toward the next support level 165.00 (which is the bottom of the previous minor correction (a)).

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