MMM is flashing a bull signal on the charts
3M Co (NYSE:MMM) stock is up 0.4% at $150.04 at last glance, brushing off the broad-market selloff and climbing back up toward its Jan. 22, three-year high of $152.07. The blue-chip name could have more room to run, too, as it's flashing a historically bullish signal on the charts.
MMM is sporting low implied volatility (IV) while sitting within 2% of a 52-week high (or in this case, its recent three-year high), as demonstrated by its Schaeffer's Volatility Index (SVI) of 18%, which ranks in the low 3rd percentile of its annual range. Per Schaeffer's Senior Quantitative Analyst Rocky White, 3M stock saw three similar signals in the past three years, after which it was higher one month later 100% of the time, averaging a 4.5% gain.
Strong support at the ascending 160-day moving average could help catch potential pullbacks. Year over year, the equity is up 86.9%.
There's room for upgrades amid the stock's outperformance, as five of the 15 analysts in coverage still carry a "hold" or worse rating. Price-target hikes could help lift the stock too; the 12-month consensus price target of $153.05 is just a chip-shot away from current levels.