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General Mills Inc. (Friday’s close US$63.55) declined from US$72.95 in 2016 to US$36.42 in 2018 (A-B) below a falling trend-line (dotted line) and below its falling 40-week Moving Average (40wMA). The end of this down-trend was marked with a rise above these indicators in 2019 (C) and was followed with a horizontal trading range mostly between US$48 and US$56 (dashed lines). The recent rise above ±US$57 suggests a breakout and the start of a new up-leg toward higher targets (D). Behaviour indicators including the rising 40wMA confirm the bullish status. The stock is currently in the midst of a minor correction; there is good support at ±US$59 but only a sustained decline below US$55-56 would be negative. Point & Figure measurements provide targets of US$69 and US$74. The large trading range (dashed lines) supports higher targets.

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Monica Rizk is the senior Technical Analyst and Ron Meisels is the president of Phases & Cycles Inc. (www.phases-cycles.com). And he tweets at @Ronsbriefs. They may hold shares in companies profiled.

Chart source: www.decisionplus.com

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Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 07/11/24 7:00pm EST.

SymbolName% changeLast
GIS-N
General Mills
-1.59%64.94

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