3M Wave Analysis 4 August 2023

– 3M reversed from key resistance level 112.00

– Likely to fall to support at 104.00

3M recently reversed up from the key resistance level 112.00, former powerful support from January and February.

The resistance level 112.00 was strengthened by the upper daily Bollinger Band and by the 50% Fibonacci correction of the downward impulse from January.

Given the clear daily downtrend, 3M can be expected to fall further toward the next support at 104.00 (former Double Top from June).