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Will GENERAL MILLS INC breakout?

By Mill Chart

Last update: Aug 5, 2022

A possible breakout setup was detected on GENERAL MILLS INC (NYSE:GIS) by our stockscreener. A breakout pattern is formed when a stock consolidates after a strong rise up. We note that this pattern is detected purely based on technical analysis and whether the breakout actually materializes remains to be seen. It could be interesting to keep an eye on NYSE:GIS.

GIS Daily chart on 2022-08-05

Zooming in on the technicals.

ChartMill assigns a Technical Rating to every stock. This score ranges from 0 to 10 and is updated daily. The score is determined by evaluating multiple technical indicators and properties.

Overall GIS gets a technical rating of 10 out of 10. 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.

  • The long and short term trends are both positive. This is looking good!
  • When comparing the yearly performance of all stocks, we notice that GIS is one of the better performing stocks in the market, outperforming 94% of all stocks. On top of that, GIS also shows a nice and consistent pattern of rising prices.
  • GIS is part of the Food Products industry. There are 104 other stocks in this industry. GIS outperforms 90% 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.

Looking at the Setup

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. We see reduced volatility while prices have been consolidating in the most recent period. 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.

How can NYSE:GIS be traded?

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.

Every day, new breakout setups can be found on ChartMill in our Breakout analyzer.

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GENERAL MILLS INC

NYSE:GIS (3/28/2024, 7:15:14 PM)

After market: 64.83 -5.14 (-7.35%)

69.97

+0.31 (+0.45%)

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