Technical analysis

3M Wave Analysis – 28 March, 2022

3M Wave Analysis – 28 March, 2022

• 3M reversed from resistance level 149.10
• Likely to fall to support level 145.00

3M earlier reversed down from the key resistance level 149.10 (which has been reversing the price from last February), intersecting with the upper daily Bollinger Band and the 38.2% Fibonacci correction of the downward impulse from February.

The downward reversal from the resistance level 149.10 started the active short-term correction (ii).

Given the clear daily downtrend – 3M can be expected to fall further toward the next support level 145.00 (target for the completion of the active correction (ii)).

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