3M Breaks a Major Resistance — Cup & Handle Pattern Activation

1. Technical Analysis

MMM has formed a textbook Cup & Handle structure on the 1h timeframe:
• Well-rounded cup
• Shallow handle correction
• Multiple touches of the 172.8–173.2 resistance
• A strong breakout candle
• A clean retest of the breakout zone

The 50-period SMA provides dynamic support, confirming upward momentum.

This pattern often signals a continuation rally toward higher highs.

2. Bullish Scenario

If the breakout holds:

🎯 Upside Targets
• Target 1: 176
• Target 2: 178.5
• Target 3: 181.8 (Cup & Handle measured move)
• Long-Term Target: 186.5

3. Bearish Scenario

Bearish momentum activates if price fails to confirm above 173.

Supports:
• 170.70
• 168.50
• 166 (invalidates the pattern)

4. Stop-Loss Levels
• Short-Term SL: below 170.70
• Mid-Term SL: below 168.50
• Classic Pattern SL: below 166

5. Fundamental Snapshot

Strengths:
• Stable cash flow
• Recovery in industrial demand
• Better cost management

Risks:
• High debt
• Economic sensitivity
• Legal exposure

Final Summary

The Cup & Handle pattern is active, and MMM is currently retesting the breakout.
Above 170.70, the bullish outlook remains dominant.