MMM Trade on Apr 28, 2020 10:29 from J_Matrix: Tradervue User Stock Trades.

The initial reaction to 3M's ER was well received as expected because of the current pandemic and market environment. MMM is a C-19 stock in play, they make and sell Personal Protection Equipment(PPE). I noticed the daily chart had already been running up for a few days and prior to earnings, MMM shot up through a key level of 150. The opening price was really close to the 200SMA on the daily chart so I marked off that as a key resistance. A perfect price point where I theorize that buyers will take profits. The thesis is to look for that topping point where demand diminish and short MMM for the pull back.

I missed the opening drive of the short. However, from 1015am - 1030am, I saw tight consolidation sitting right under VWAP and the key whole number of 160. That was a key spot I cannot miss as the risk:reward was perfect. Price target was the Morning low $2/share away and my risk was 50-60c. I took small size and didn't want to add as the trade immediately went my way. The trade idea was not initially a momentum play but I turned it into a scalp as it got to my target really quickly.

Shares Traded: 200
PNL: +79