3M (MMM) shares look well positioned for a breakout. Since April 2024, the stock has been trading firmly within an ascending channel, with both resistance and support levels holding reliably. Momentum typically builds once prices cross above the channel’s midpoint, which then acts as a strong support. That threshold was cleared in May, followed by a three-month consolidation phase.
The current setup increases the probability of an upside move toward the $170–175 range. Even if the full 14% rally is not achieved, the prevailing momentum should be enough to lift prices into positive territory from the present $150–155 band. To manage risk, a stop loss is planned at $142.
