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Possible Bearish Inside Day Candle Pattern Detected for General Mills In (NYSE:GIS)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in General Mills In (NYSE:GIS) based on the price action in the company's shares. Today's price range of $50.61 and $50.61 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of General Mills In may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

General Mills In (NYSE:GIS) defies analysts with a current price ($50.61) 0.9% above its average consensus price target of $50.17. The stock should find initial support at its 50-day moving average (MA) of $45.32 and further support at its 200-day MA of $44.11.

General Mills, Inc. manufactures and markets branded and packaged consumer foods worldwide. The Company also supplies branded and unbranded food products to the foodservice and commercial baking industries.

In the past 52 weeks, General Mills In share prices have been bracketed by a low of $36.42 and a high of $50.98 and are now at $50.61, 39% above that low price. The 200-day and 50-day moving averages have moved 0.35% higher and 1.94% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of General Mills In on January 8th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $40.93. Since that recommendation, shares of General Mills In have risen 24.0%. We continue to monitor GIS for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle general mills in

Ticker(s): GIS