General Mills Stock's Extended Slump Could Soon Be Over

GIS pulled back after its mid-May record high

Deputy Editor
Jun 14, 2023 at 2:10 PM
facebook X logo linkedin


General Mills Inc (NYSE:GIS) stock just pulled back on the charts following its May 15 record peak of $90.89, though the $80 level appears to be swooping in as support. GIS has also dropped down to its 260-day moving average, a trendline with historically bullish implications. 

According to Schaeffer's Senior Quantitative Analyst Rocky White, General Mills stock is trading within one standard deviation of its 260-day moving average for the seventh time in the past three years. GIS was positive one month later after 83% of those signals, averaging a 3.9% return. 

GIS June14

 

It's also worth noting that the security's 14-day relative strength index (RSI) of 27.2 sits firmly in "oversold" territory, which is typically indicative of an upcoming bounce in the short term as well. 

An unwinding of pessimism in the options pits could provide further tailwinds. GIS' 50-day put/call volume ratio of 1.90 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than 87% of readings from the past year. This means puts have been picked up at a faster-than-usual rate of late. 

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI