3M Wave Analysis 28 October 2024

– 3M reversed from support zone

– Likely to rise to resistance level 135.00

3M recently reversed up from the support area between the pivotal support level 126.65 (former resistance from July and the support from September).

The support zone near the support level 126.65 was strengthened by the lower daily Bollinger Band and by the 38.2% Fibonacci correction of the upward impulse from July.

Given the clear uptrend, 3M be expected to rise further in the active impulse waves ii, 3 and (3) toward the next resistance level 135.00.