3M company operates principally in electronics, telecommunications, industry and health care.
In the fourth quarter, the Group reported a quarterly profit above expectations, demand from the industrial segment of transportation, offsetting weakness in sales to manufacturers of consumer electronics. Earnings per share were $ 1.35 versus $1.31 expected by Thomson Reuters consensus.
Technically, once USD 90 resistance was hit, upside on the bullish consensus was depleted. The stock has declined to the USD 84.60 short-term support, forming two gaps during its fall. On this level, the proximity of 100-days moving average could bolster up the share to the USD 90 mid-term resistance.
In this context, investors could take a buy order on the current price to target USD 90. However a stop-loss should be placed below USD 82.4.