Strong

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>3M stock price closed at $94.79 while witnessing a loss of -2.32% during the last intraday trading session.</a> </li> 
 <li> <span>2</span> <a>MMM stock has dropped below 20, 50, 100, and 200-day exponential moving averages.</a> </li> 
 <li> <span>3</span> <a>The year-to-date return of MMM stock is -22%.</a> </li> 
</ul> 
<p>3M (MMM) stock price was bullish at the beginning of July after the formation of support at $94.70 and shattering the $100 psychological level. The stock price reached a high of $111.47 in July. The move was halted after the second quarter earnings report was released.</p> 
<p>Although the company successfully beat the consensus estimate of revenue and earnings per share, 3M told its investors that it was tracking toward the low end of the sales growth guidance range and suggesting a drop of 3% in 2023.&nbsp;</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large"> 
  <img decoding="async" loading="lazy" width="1024" height="568" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-817-1024x568.png" alt="3M (MMM) Stock: Will The Downfall Continue For MMM Stock?" class="wp-image-171300" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-817-1024x568.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-817-300x167.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-817-768x426.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-817-750x416.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-817-1140x633.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-817.png 1454w" sizes="(max-width: 1024px) 100vw, 1024px"> 
  <figcaption class="wp-element-caption">
    Source: MMM Stock Price By <a href="https://www.tradingview.com/x/hpdT8QfK/" rel="noopener noreferrer nofollow">TradingView</a>. 
  </figcaption> 
 </figure> 
</div> 
<p>This led to a substantial downfall in the MMM stock. However, the stock price recovered from the downfall. But for the last seven days, the stock price has been printing bearish candles. MMM stock price has slipped back to the support level of $94.70.&nbsp;</p> 
<p>If the next candle can break the low of the last candle, the stock price may melt toward the next critical support level of $91.70, causing a downfall of roughly 2.30%. On the other hand, if the $94.70 support level can hold the stock price, it might rise and retest the $100 psychological level.&nbsp;</p> 
<h2 class="wp-block-heading" id="strong-why-did-3m-stock-witness-a-strong-drop-strong"><strong>Why Did 3M Stock Witness a Strong Drop?</strong></h2> 
<p>MMM stock price is trading low after the company stated that it is evaluating whether the option to restart its idled PFAS manufacturing processes. The other option are to accelerate further discontinuance of its PFAS manufacturing at the company’s Zwijndrecht facility in Belgium.</p> 
<p>PFAS expands to per-and polyfluoroalkyl substances. They are resistant to water, grease, and heat and are used in many everyday products, including food packaging, clothing, cosmetics, and toilet paper. However, research indicates that these chemicals can be dangerous.&nbsp;</p> 
<p>If <a href="https://www.thecoinrepublic.com/2023/09/11/3m-stock-price-defends-100-is-mmm-stock-turning-bullish/" target="_blank" rel="noopener noreferrer nofollow">3M</a> is considering restarting PFAS manufacturing or accelerating its discontinuance, it might be in response to regulatory pressure or environmental concerns.</p> 
<h3 class="wp-block-heading" id="strong-will-mmm-stock-fall-below-recent-support-of-94-70-strong"><strong>Will MMM Stock Fall Below Recent Support of $94.70?</strong></h3> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large"> 
  <img decoding="async" loading="lazy" width="1024" height="568" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-816-1024x568.png" alt="3M (MMM) Stock: Will The Downfall Continue For MMM Stock?" class="wp-image-171299" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-816-1024x568.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-816-300x167.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-816-768x426.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-816-750x416.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-816-1140x633.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-816.png 1454w" sizes="(max-width: 1024px) 100vw, 1024px"> 
  <figcaption class="wp-element-caption">
    Source: MMM Stock Price By <a href="https://www.tradingview.com/x/r75vU7QA/" rel="noopener noreferrer nofollow">TradingView</a>. 
  </figcaption> 
 </figure> 
</div> 
<p>The <a href="https://www.thecoinrepublic.com/2023/09/11/3m-stock-price-defends-100-is-mmm-stock-turning-bullish/" target="_blank" rel="noopener noreferrer nofollow">stock price</a> has plunged below 20, 50, 100, and 200-day EMAs, suggesting bearish momentum. The Chaikin money flow score has also dropped below the 0 mark and stands at -0.28, suggesting a solid weakness and capital outflow from the market.&nbsp;</p> 
<p>The relative strength index has entered an oversold zone and stands at 29.69, implying a chance of short-term pullback and reversal. However, the bearish momentum is strong, and the MMM stock price might consolidate before making any significant moves.&nbsp;</p> 
<h4 class="wp-block-heading"><strong>Conclusion&nbsp;</strong></h4> 
<p>3M’s market structure and price action are strongly bearish, and the stock price has been printing bearish candles for the last seven days. For the ones who are risk-averse, it would be more reasonable to take a wait-and-see approach.&nbsp;</p> 
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4> 
<p>Major support: $94.70 and $91.70</p> 
<p>Major resistance: $108 and $111</p> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.</p>

3M (MMM) Stock: Will The Downfall Continue For MMM Stock?

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