The leading Dow Jones Industrial Average component 3M Company (NYSE:MMM) took a hit Thursday after reporting earnings that were less-than-well received by the street. The company cut its 2019 earning forecast and said it will lay off 2,000 workers.
Wobbly Support
Often, when stocks plunge from recent highs like this it will take a lot of time for the shares to recover. The current chart pattern signals further downside in the stock before major chart support is found. At this point in time, the only level that looks like solid support will be around the $175.00 area. This is a level where the stock was defended in December 2018 and should be solid support again when tested.