Technical analysis

3M Wave Analysis – 7 September, 2020

3M Wave Analysis – 7 September, 2020

• 3M reversed from resistance level 168.70

• Likely to fall to 160,00

3M recently reversed down with the daily Bearish Engulfing from the resistance level 168.70 (top of the previous sharp impulse wave (5) from the start of June).

The downward reversal form the resistance level 168.70 started the active short-term correction 4.

Given the clear bearish divergence on the daily RSI indicator – 3M is lily to fall further toward the next support level 160,00 (low of the earleir waves 2 and (2)).

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