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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in General Mills In (NYSE:GIS) based on the price action in the company's shares. Yesterday's price range of $54.68 and $55.69 is within the prior day'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. Traders and investors interested in shares of General Mills In may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

General Mills In (NYSE:GIS) is currently priced 0.7% above its average consensus analyst price target of $54.58. General Mills In shares should first meet resistance at the 200-day moving average (MA) of $58.27 and find additional resistance at the 50-day MA of $61.61.

In the past 52 weeks, shares of General Mills In have traded between a low of $49.65 and a high of $72.95 and closed yesterday at $54.95, which is 11% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.4% while the 200-day MA has risen 0.2%.

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.

SmarTrend recommended that its subscribers protect gains by selling shares of General Mills In on February 2nd, 2018 by issuing a Downtrend alert when the shares were trading at $56.74. Since that call, shares of General Mills In have fallen 4.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle general mills in

Ticker(s): GIS