$MMM has been in a “Go” trend since late April.
We saw price rise on a series of higher highs and higher lows until a month later a high was followed by a Go Countertrend Correction Icon (red arrow) telling us that price may struggle to go higher in the short term due to waning momentum. Indeed, we then saw price fall away from that high on a series of weaker aqua bars. GoNoGo Oscillator even broke through the zero line into negative territory which was a concern for the trend. After price found support and GoNoGo Trend began to once again paint strong blue bars, we see that price gapped higher as the oscillator burst into positive territory. Now, having struggled at prior high resistance from earlier in the chart, we will look for support at the top of the gap. If price can consolidate at these levels, we will watch to see if this momentum boost will help price make another attempt at a new higher high in the coming days and weeks.
