June 28 Chart of the Day - General Mills
Is it time to scoop up some General Mills (GIS)?
Maybe...
General Mills posted lower-than-expected sales for the latest quarter, while its full-year profit outlook was soft. Shares were down over 6% in pre-market trading below $76.
From a price action technical analysis perspective this puts price back in a familiar area that it broke out from this time last year $72-$75 to reach new all time highs last month at $90.89.
This also puts price approaching an upward sloping bull trend that originated back in 2019 at $36.42.
During the last month since making new all time highs price has fallen consistently. This would not be the first time price retested the break out levels so investors and traders will be watching this zone to see if price decides to hold and continue its upward march or potentially break the trend and continue its slide down even further.
Next levels down could be in the $60-$65 area.
So what's next?
Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.
- Support/Resistance
- Trend
- Fibonacci
- Supply/Demand Zones,
- Change Control Zones
Take a look at the charts and let us know what you think.
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