Nice Trade Setup In General Mills (GIS)
GIS is an interesting stock to watch as it has the potential to break out to all time highs. GIS has been trending upwards for a while now and has failed to get above 40.75 during the last few weeks. This level represents an all time high so one expects resistance at this level. The question becomes can GIS break out of this resistance level because if it does there is lots of air above it- as its an all time will no resistance above it. Currently there is support at 40 and it has been range bound the last two weeks.
GIS hit 40.75 last week and retraced back down to 40 and now looks to be setting up for another run at the highs. The more a resistance level is hit the weaker it becomes. If GIS can get back up tot this level it might have a chance to break out.
Here's the charts with trade setup marked.