GIS closes above its opening price after recovering from early selling pressure
General Mills Inc. (GIS) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, GIS ended the week 0.42% higher at 47.75 after gaining $0.16 (0.34%) today on high volume. Today's closing price of 47.75 marks the highest close since March 20th. Trading up to $0.35 lower after the open, General Mills managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (GIS as at Sep 14, 2018):
Friday's trading range was $0.54 (1.14%), that's below last trading month's daily average range of $0.78. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.
Breaking through the key resistance level at 47.71 today, it is now likely to act as support going forward. After having been unable to move lower than 47.25 in the previous session, the market found buyers again around the same price level today at 47.22.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might speed up should prices move above the close-by swing high at 47.78 where further buy stops could get activated.