Categories: Technical analysis

MMM Wave Analysis – 7 October, 2022

• MMM under bearish pressure

• Likely to fall to support level 105.00

MMM under the bearish pressure after the earlier breakout of the round support level 110.00 which stopped the earlier impulse wave i at the end of September), intersecting with the support trendline of the wide down channel from January.

The breakout of the support level 110.00 accelerated the active impulse waves (iii) and 3.

Given the strong long-term downtrend, MMM can be expected to fall further toward the next support level 105.00 (target price for the completion of the active minor impulse wave 3).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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The FxPro Tech Analysis Team
Tags: MMM

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