In our prior publication (July 11, 2020 – US$63.55) we identified a trend reversal, signalled by the rise above the falling trend-line (dotted line – A) and by a breakout from a year-long trading range (dashed lines).
General Mills GIS-N reached a high of US$66.14 soon thereafter (B) and then remained below resistance at US$65-66 for a year and a half (shaded area). The recent rise above this level (C) confirmed the breakout and the resumption of the long-term up-trend (solid line).
Behaviour indicators including the rising 40-week Moving Average (40wMA) and the rising trend-line confirm the bullish status. There is good support near ±US$64; only a sustained decline below this level would be negative.
Point & Figure measurements provide targets of US$74 and US$79. Higher targets are visible.
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Monica Rizk is the senior Technical Analyst of Phases & Cycles Inc. (www.phases-cycles.com). Chart source: www.decisionplus.com
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Monica Rizk