- 3M's downtrend is set to be challenged by looming key support at $129.5
- The lower Bollinger Band® is currently at $31.15 while the higher band is at $34.86
A persuasive break of this target could lead to higher losses. 3M's CCI indicator is above +100.
Technical analysis shows that 3M (currently on a downtrend) might reverse course and start going up in the short term.
$432.48 is only $1.44 away for Roper and might put a stop to its current downtrend.
Chart analysis suggests BP's run now faces a challenge at $34.78, which is only 40 cents away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow. Technical analysis trend indicators suggest that BP's CCI indicator has broken above +100, indicating that prices are unusually high compared to the rolling average. According to asset volatility analysis, BP's upper Bollinger Band® is at $34.86.
Notwithstanding BP's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Fundamental indicators – Crude Oil Inventories in United States fell short of market expectations (-440,000) with a reading of -5.4 million, continuing the decline from the previous figure of 3.92 million.
Upcoming fundamentals: United States Philadelphia Fed Manufacturing Index (Nov) is scheduled for tomorrow at 13:30 UTC.