Investors have a swing trade short opportunity on shares of 3M Company (NYSE:MMM). The stock is tagging the even number of $200 at the same time as it is hitting an upsloping trend line that connects major pivot highs six months. Each time this trend line has been tagged, 3M Co has pulled back. This implies the same should be true. In addition, based on the even number of $200, a larger pull back should occur.
I have the first downside target at $191.50 with the second target at $180.00. I personally believe that this $200 range should be a multi-month high on the stock, maybe a year or more high pivot. This is a high reward, low risk swing trade alert on 3M Co (NYSE:MMM). Investors can use a tight stop based on a close above $204.25.
