3M conducts operations in electronics, telecommunications, industrial, consumer and office, health care, safety, and other markets. The Company's businesses share technologies, manufacturing operations, brands, marketing channels, and other resources. 3M serves customers in countries located around the world.
The company released its results for the second quarter, and lightly beat estimates, with earnings per share of 1.66 vs. estimates of 1.65, according to Bloomberg. The management has also reaffirmed the full year forecast with an EPS between $6.35 and $6.5.
Technically the share is testing one more time its mid-term resistance. Moving averages are bullish oriented, that could lead the share to break out this level. In this case we could forecast a return on the historic highs of USD 98.
For this reason we suggest a long position above USD 90.85 with a stop loss below the 20-day moving average in order to cover the position.