The shares of 3M Company (NYSE: MMM) are up 0.9%, last seen trading at $202.31 as the company gears up for its second-quarter earnings, due out ahead of the open tomorrow, July 27. Below, we'll dig into the stock's technical setup and take a look at how the equity has fared after earnings in the past. 

On the charts, MMM has struggled to find direction since notching a May 5, two-year high of $208.95, which is the same time and price point of a bear gap the equity suffered after being rejected by the $220 level. 3M stock once again has support from the 80-day moving average and boasts a 26.7% year-over-year lead.

Call traders are bombarding the blue-chip name ahead of the event. So far today, 8,022 calls have exchanged hands, which is double the amount typically seen at this point, versus 2,970 puts. The September 210 call is the most popular, followed by the August 210 call. This implies that these traders see plenty of upside for 3M stock heading into the latter part of the year.

And that long-term speculation seems like the right call, given that MMM has a history of negative post-earnings reactions. In the last eight reports, 3M stock has logged a positive next-day move just three times. The security has averaged a post-earnings move of 3.4%, regardless of direction. This time around, the options market is pricing in a slightly larger 5.2% move for the stock.