Dragonfly Capital | Dec 11, 2013 11:59PM ET
3M, (MMM), has been another of those stocks that has just kept going higher. In fact at the end of July 2012 I suggested it was a long term buy at 91 and even after the recent pullback it is up 39% from that point. Since this time last year it has had a very steady run higher with a couple of pullbacks to just under the 50 day Simple Moving Average (SMA), in fact although it is not widely (or at all used) the 89 day SMA has stopped all pullbacks. This is the thicker line on the chart below. What is interesting about this is that it is a Fibonacci number and it is very near the Measured Move lower if the bear flag continues down. As this has been a buying signal you want to watch what happens as it gets there this time.
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