A stronger dollar and trade concerns took multinational manufacturing stock 3M down to 52-week lows in May, but a comeback in recent months has Maley seeing the potential for a bigger breakout.
“Over the last two months, it’s been forming a nice base and, in fact, in the most recent little pop it got above its trendline going back to the January highs,” Maley told CNBC’s “Trading Nation” on Wednesday.
Maley is now watching for whether 3M can rally back to its March highs, still a 23 percent rally away. If it can do that, Maley sees the likelihood that the stock has “reversed its trend.”
3M’s story is less exciting to Boris Schlossberg, managing director of FX strategy at BK Asset Management.
“It’s just simply basically a very boring growth story,” Schlossberg said on Wednesday’s “Trading Nation.” “They simply haven’t been able to achieve the kind of organic growth the market is looking for.”