GIS runs into sellers again around 45.44
General Mills (GIS) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
GIS finished the week -4.36% lower at 45.18 after edging lower $0.09 (-0.2%) today on low volume. Today's closing price of 45.18 marks the lowest close since August 1st. Trading up to $0.36 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (GIS as at Aug 10, 2018):
Friday's trading range was $0.67 (1.48%), that's below last trading month's daily average range of $0.90. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly above average.
Prices are trading close to a key support level at 45.16. After having been unable to move above 45.52 in the prior session, General Mills ran into sellers again around the same price level today, failing to move higher than 45.44. After trading as low as 44.77 during the day, the stock found support at the 20-day moving average at 44.80.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Selling could speed up should prices move below the close-by swing low at 44.40 where further sell stops might get activated.