Technical analysis

3M Wave Analysis 26 October, 2020

3M Wave Analysis 26 October, 2020

• 3M reversed from resistance area

• Likely to reach 162.00

3M earlier reversed down sharply from the key resistance area lying between the resistance level 172.80 (which stopped the previous sharp impulse wave (C) in September) and the upper daily Bollinger band.

The downward reversal from this resistance area stopped the previous intermediate ABC correction (2).

3M is likely to fall further toward the next support level 162.00 (former resistance from the end of September).

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