The “Chart of the Day” is 3M Company (MMM), which showed up on Wednesday’s Barchart “NYSE 10-year High” list. 3M on Wednesday rallied by 1.16% and broke out to a new all-time high for the stock. Trendspotter(tm) has been long 3M since Sep 17 at 86.07. In recent news on the stock, 3M is currently involved in a tender offer for Cogent (COGT). Citigroup on Sep 15 initiated research coverage on 3M with a Hold and a target of $90. Goldman on Sep 13 downgraded 3M to Buy from Conviction Buy and indicated a target of $104. With a market cap of $62 billion, 3M is a diversified technology company with leading positions in consumer and office; display and graphics; electronics and telecommunications; health care; industrial; safety, security and protection services; transportation and other businesses.
How we found the Chart of the Day:
We found the “Chart of the Day” by scanning the Barchart “NYSE Monthly 10-year High” list. In order to get to that list, we first clicked on the Stocks menu item on the Barchart home page, then on the “New High/Lows” menu item on the left menu bar, then on the “Monthly” menu item on the top of the table, and then on the entry for NYSE 10-year highs. A stock that has posted a new 10-year high is showing strong upside momentum.
Barchart’s Opinion trading systems are all a Buy and Barchart’s daily Trendspotter(tm) trading system is a “Buy.” Please note that the Barchart Opinion indicators are updated live during the session every 10 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com web site when you read this report.
- Trendspotter: Buy
- Short-Term Indicators: 100% Buy
- Medium-Term Indicators: 100% Buy
- Long-Term Indicators: 100% Buy
- Overall Average 100% Buy
Chart of the Day provided by www.Barchart.com.
