General Mills (NYSE:GIS) traded in a range yesterday that spanned from a low of $34.13 to a high of $35.11. Yesterday, the shares fell 3.70%, which took the trading range below the 3-day low of $35.30 on volume of 10.7 million shares.
Shares of General Mills are currently trading below their 50-day moving average (MA) of $36.57 and below their 200-day MA of $35.37. Look for these MAs to provide resistance for a short-term rebound in the shares.
SmarTrend is bearish on shares of General Mills and our subscribers were alerted to Sell on June 30, 2010 at $35.43. The stock has fallen 3.7% since the alert was issued.
SmarTrend has the shares in a Downtrend and expects the share price to rebound toward the $35.30 resistance level. Afterwards, we expect it to move downward with its peers in the SmarTrend Processed & Packaged Goods industry.