Reference Points for General Mills

Published on Friday, 12 March 2010 06:40 Written by Christian Paolinetti

New York, March 12th (TradersHuddle.com) - Shares of General Mills, Inc. (NYSE:GIS) closed the trading day at $72.62 very close to its 50 day moving average currently set at $71.23. General Mills' price action is just above this important support level translating into a trading opportunity.

General Mills, Inc. (NYSE:GIS) manufactures and markets branded and packaged consumer foods. The Company also supplies branded and unbranded food products to the foodservice and commercial baking industries.General Mills offers its products under the Cheerios, Wheaties, Pillsbury, Haagen Dazs, Green Giant, and Progresso brands among others.

Looking at peaks and troughs horizontal support and resistance levels, we can see current calculated support at $72.62 and calculated resistance at $72.62. These levels should also be evaluated by traders when planning their trades, as they provide an insight into the latest price action.

Traders wanting to establish a position on General Mills will be looking at the price action for evidence of buying near the 50 day moving average, and opening a position as close as possible to this important level. Also traders will be looking at the latest price action, via the stocks current range previously defined for insights of other ley levels that might affect their upside or downside.