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Good technical signals and a possible breakout for GENERAL MILLS INC.

By Mill Chart

Last update: Aug 4, 2022

GENERAL MILLS INC (NYSE:GIS) was identified as a Technical Breakout Setup Pattern by our stockscreener. Such a pattern occurs when we see a pause in a strong uptrend: after a strong rise the stock is consolidating a bit and at some point the trend may be continued. Whether this actually happens can not be predicted of course, but it may be a good idea to keep and eye on NYSE:GIS.

GIS Daily chart on 2022-08-04

Zooming in on the technicals.

ChartMill assigns a proprietary Technical Rating to each stock. The score is computed daily by evaluating various technical indicators and properties. The score ranges from 0 to 10.

We assign a technical rating of 9 out of 10 to GIS. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, GIS is showing a nice and steady performance.

  • Both the short term and long term trends are positive. This is a very positive sign.
  • When comparing the yearly performance of all stocks, we notice that GIS is one of the better performing stocks in the market, outperforming 93% of all stocks. We also observe that the gains produced by GIS over the past year are nicely spread over this period.
  • GIS is part of the Food Products industry. There are 104 other stocks in this industry. GIS outperforms 91% of them.
  • GIS is currently trading near its 52 week high. This is a good sign, certainly because the S&P500 Index is not trading near new highs.
  • GIS is currently showing a bull flag pattern! A bull flag pattern occurs when prices pull back slightly after a strong rise up. This may be a nice opportunity for an entry.

How does the Setup look for NYSE:GIS

ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NYSE:GIS scores a 8 out of 10:

Besides having an excellent technical rating, GIS also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 75.79. Right above this resistance zone may be a good entry point. Very recently a Pocket Pivot signal was observed. This is another positive sign.

Trading setups like NYSE:GIS

A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.

Of course, there are many ways to trade or not trade NYSE:GIS and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

More breakout setups can be found in our Breakout analyzer.

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GENERAL MILLS INC

NYSE:GIS (3/27/2024, 8:16:45 PM)

Premarket: 69.66 0 (0%)

69.66

+1.32 (+1.93%)

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