3M shares rise over 6% on earnings beat and raised guidance
3M's earnings report exceeded expectations, and future guidance has been raised. The strong performance and positive outlook acted as a powerful catalyst, driving the stock price up by more than 6%.
A strong catalyst has been confirmed with the earnings surprise and upward guidance. Recently, between July 27 and 28, the stock price surged to the range of $178 to $184, showing a strong upward trend; however, it has since experienced a slight correction to the range of $176 to $177. Given that the upward momentum following the earnings announcement remains intact, it is deemed an appropriate time to enter while confirming the establishment of a support level.
I will take profits if the stock price reaches the resistance level of 170, and I will cut losses if the support level of 150 is breached. I plan to respond with a staggered buying approach while monitoring whether the gap up that occurred after the earnings announcement is well secured and maintained at the support level.
A past similar case is GM, which achieved a 14.8% return on July 28, 2026, due to strong performance and an upward revision of guidance.