Stock of the Day: 3M

3M has been moving with textbook technical precision over the past weeks, repeatedly respecting triangle formations. The first key structure was a symmetric triangle, marked with blue lines, which the price eventually broke to the upside at the end of October. That breakout initiated a new bullish phase and set the foundation for the next pattern.

After escaping the symmetric triangle, the price began shaping an ascending triangle, this time with a horizontal upper boundary and rising dynamic support, marked with red lines. Unlike symmetric triangles, an ascending triangle leans bullish by design, as buyers steadily push higher lows into a flat resistance. This week, price finally climbed above that horizontal resistance. While the initial breakout attempt produced a shooting star—suggesting hesitation—the session still closed above the barrier. That matters. A daily close above resistance confirms buyers’ willingness to stay in control.

From a technical standpoint, sentiment on 3M now remains positive as long as the price holds above both red lines. Maintaining that support confluence keeps the ascending triangle breakout intact and preserves the bullish momentum.

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-3m-2