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
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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. 



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