General Mills, Inc. : The USD 59.25 resistance is still active
Entry price | Target | Stop-loss | Potential |
---|
$58.82 |
$0 |
$59.6 |
+100% |
---|
The upward trend in the short-term seems to be running out of steam.
The stock remains rooted in a neutral trend in the mid and long term. The last test of the USD 59.25 has confirmed the neutral trend as the resistance hasn't be broke out. This technical element is in favor of a return towards the next support at USD 56.65, corresponding to the daily moving averages.
The technical configuration lead us to predict a consolidation phase, at least in the short term. The USD 59.25 should play its full role and to stop the upward trend initiated in the short term.
Therefore, to take advantage of this technical correction, a short trade may be opened in the current area to target USD 56.7 and USD 55.4 by extension. In case of further acceleration, the stop-loss will be triggered at USD 59.6.
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