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  1. Home
  2. / Investing

General Mills Is Seeing New Highs on the Charts

Here's what traders looking to go long GIS could do.
By BRUCE KAMICH
Jun 30, 2022 | 01:29 PM EDT
Stocks quotes in this article: GIS

The charts of consumer foods giant General Mills (GIS) are powering higher. Fundamental sell side analysts are raising their price targets for the company. Let's check on the charts and indicators to see what all the fuss is about.

In this daily bar chart of GIS, below, we can see the bullish price action of the past 12 months. Prices have recently soared higher to make new 52-week highs after a test of the rising 200-day moving average line. Prices are trading above the 50-day moving average line.

The On-Balance-Volume (OBV) has made a new high for the move up and confirms the price gains. The Moving Average Convergence Divergence (MACD) oscillator has just crossed to the upside for an outright buy signal. 

 
In this weekly Japanese candlestick chart of GIS, below, we see a bullish picture. Prices are in a longer-time rise above the rising 40-week moving average line. The weekly OBV line has been strong with a May/June correction. The weekly MACD oscillator is poised for an upside crossover and new buy signal.
 
 
In this daily Point and Figure chart of GIS, below, we can see an upside price target in the $95 area.
 
Bottom line strategy: GIS has been on a tear lately so many chart watchers would say that prices are overbought. Traders looking to go long GIS could wait for a two-day dip ideally towards $73. Risk to $69. The $95 area is our price objective.
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TAGS: Investing | Stocks | Technical Analysis | Trading | Food & Staples Retail

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