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3M Company - (MMM) - December 15, 2023

At SIA Charts, we compare head-to-head battles of thousands of stocks, commodities, mutual funds and exchange traded funds daily and rank them by who is winning the most in their respective universes. The top 25% are considered the Green Favored Zone, 26-50% make up the Yellow Neutral Zone and the bottom half of each league table is considered the Red Unfavored Zone. SIA Charts relative strength reports also provides investors with an indication of changing and ongoing trends in a stock’s performance relative to its peers. This year, 3M Company (MMM) had declined -5.35% YTD, -9.98% for the trailing 1-year time frame and an annualized return of negative 10.98% for the trailing 3-year time frame and -7.76% over the past 5 years. The corresponding index has increased 22.92% YTD, 18.13% over the past 1 year and 8.97% over the past 3 years and 12.66% over the past 5 years. 3M Company, an Industrial conglomerate stock, has been residing in the Red Unfavored Zone for at least the last 5 years and currently sits in the 98th out of 103 spots in the SIA S&P 100 Index report, dropping 4 spots in the last quarter.

In looking at the 3 Year Candlestick Chart of 3M Co (MMM) we see a steady downtrend of consistently lower lows and lower highs which is still intact up until today indicating an extended period of a long-term distribution phase. Which makes matters worse, in long term downtrends, stocks tend to first form some sort of a basing pattern for a period of time before an uptrend can materialize which we don’t see occurring yet on 3M. SIACharts also helps you identify other names for better opportunities in the Peer group. General Electric, another Industrial Conglomerate stock, resides in the Green Favored Zone and is up 86.01% YTD, 91.31% in the past 1 year, an annualized return of 21.96% in the past 3 years and 22.81% in the past 5-year time frame.

In looking at the Point and Figure Chart at a 2% Scale, we see that the stock peaked back in February of 2018 at a price of approximately $209.54 and since then, a steady decline of lower highs and lower lows formed. A brief recovery ensued in 2020 up until June 2021 but failed to break above its long-term downtrend line and a new downtrend materialized once again with new lows being established along the way.

Currently we see the shares in a rising column of X’s this month but a change in trend has not been confirmed as of yet. Near-term resistance is fast approaching at the $109.00 to $111.00 area and, above that, the $125.00 level. Support can be found at its 3-box reversal of $98.73 and, below that, $89.42. With a bearish SMAX score (which is a near-term 1 to 90-day indicator comparing an asset against different equal-weight asset classes) of 5 out of 10, MMM is exhibiting short-term weakness against the asset classes.

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

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