General Mills is one stock I have been writing about recently, and as I outlined in my post of the 18th March, ( https://www.annacoulling.com/stock-trader-tips/gis-now-testing-a-key-price-level-ahead-of-earnings/) prior to earnings, the stock was testing a key level of resistance in the $48 area, and if breached this would open the way to the development of the trend higher. This has certainly been the case with last week’s price candle ending with a wide spread with no wicks, and a breach of the $50 price point, so it has been no surprise to see this positive sentiment continue in the early part of the week. The next key level is now approaching fast at $53 and provided we see rising volume associated with rising prices, the stock looks set to hit the $57 price point in due course. The trend monitor also supports this bullish perspective having transitioned to blue in early February.
By Anna Coulling
Charts from NinjaTrader and indicators from Quantum Trading
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